The crypto fraud

 Once again the so called 'highly literate' malayali is getting exposed to monetary rackets, thanks to his 'greed' to make a quick buck. ( '₹1200 crore crypto fraud pulle off by keralite with just a website' NIE 12.01.2022). It is quite amazing to learn how such people can be conned so easily by a conman. As such , the crypto currencies are tradeable answers like shares or gold etc to be traded in exchange to really make money, but monkey is able to assess the underlying value of the asset. And in the instant case, the moriscoin is a.new.entrant and yet to be established! The command could lure the prospective investors by assuring a 3% as daily returns! But nobody suspected that he was throwing small fish to catch big fish. This reminds me of a similar operation which was seen in many parts of gujarat in the eighties (when i was there as a banker). These people used to offer house gold appliances like electric iron, mixie etc.at half the market price initially and after some time slowly graduate to charlie items like refrigerator, tv etc. Then they moved into bigger things like.two.wheelers, cars etc for which booking were taken with the half price paid while booking promising delivery in a week to 10 days! And when the d day came, they simply vanished !! Mr Nishad is also trying the same approach by offering the 3% daily return.

The 'learned' malayali, who had experience of 'the blade companies' of.late 70s, 'mail order rackets' of 80s, 'goat/ teak/ manjium' schemes of 90s and 'the e lotteries' of the 2000s have never learnt from these mistakes and still fall for such offers. I feel pity for them . Personally i feel they themselves only are to be blamed and should be arraigned as co culprits in the case filed by police. (For creating unnecessary burden on the system by their foolish act)!