Hyderabad: Beware of Ponzi schemes during pandemic

Hyderabad: The pandemic has created a never imagined kind of crisis in the lives of mankind as everyone on this planet is running from pillar to post just to save his life.

However, during such critical times there are fraudsters who want to take complete advantage of the weaknesses of people. These conmen aren't stopping at anything because they are well aware that this is the situation wherein they can exploit people because they are scared. One such thing which the conmen adopt during such testing times is Ponzi schemes wherein they lure the gullible citizens who want to invest for their future and for their families and children in order to get double revenues.

But the city police have strictly warned the citizens not to fall prey to such vultures who are exploiting the situation to gain their bread.

Warning people, Cyberabad Police Commissioner V C Sajjanar said, "the criminals attract innocent people by dubious means and introduce Ponzi schemes which attract deposits into their companies in a short span of time. To gain deposits these companies offer high rates of returns, gifts, tour packages etc, and after procuring huge deposits from the innocent people they turn off the board."

During the time of pandemic, the companies are mostly offering schemes wherein they are luring gullible customers by offering healthcare insurance with cash back benefits. Apart from it, there are companies which are promising double returns on buying a land parcel.