SHARK TANK JUDGE RADHIKA GUPTA ON RS 2,200 CRORE TRADING SCAM: ‘THERE IS NO FAST ROUTE TO RICHES…’

Assam police recently uncovered a Rs 2,200 crore stock market scam where a 22-year-old Bishal Phukan duped citizens on false promises of high investment returns. Now, Edelweiss Mutual Fund CEO and MD, Radhika Gupta has shared important advice for all the investors out there.

Stick to “dal-chawal” investingReferring to the Rs 2,200 core trading scam, Gupta has advised the investors that there is no fast route to riches and one should stick to dal-chawal investing.

“2200 crores of fraud is heartbreaking stuff. How many reminders do we need that there is no fast route to riches… and usually if such a route is advertised with fancy cars in tow… it leads to fatal crashes. Stay safe. And stick to dal-chawal investing. It works. Without indigestion,” said Gupta in a post on X (formerly known as Twitter).

The "dal-chawal" funds mentioned by Gupta are well-diversified funds that invest in a wide range of sectors. They are designed to deliver steady returns, regardless of market volatility. Just like the Indian staple, these funds are reliable and less risky for investors.

Assam CM urged people to to be alertMeanwhile, Assam CM Himanta Biswa Sarma has urged the public to be alert against investing through brokers who do not follow due legal procedures.

Highlighting that claims of doubling money with minimal effort are typically fraudulent, Sarma said “The promise of doubling your money with additional interest is a way of fraudsters.”

“According to the law, no one is authorised to conduct stock broking in such a deceptive manner. They (certain apps) are completely unlawful. Today, the police have acted, and in the future, they will intensify it. There is a proper procedure for engaging in stock broking—such as opening a Demat account. These apps should be ignored. They lure people with attractive returns initially and then scam them. So, please stay away from these,” he advised.