Daily Archives: December 31, 2016

A Scam of the Future in India

Recently a friend shared a post on Facebook about how one can “buy” a solar panel installed in a remote desert, as part of an array of panels, and “earn” the revenue generated by the sale of electricity.

Solar panels in the desert

Picture credit: Rodrigo Arancibia Zamora

Very positive initiative indeed. Not only does the company which initially spends millions to set up the solar array recover a neat sum back, but also creates a market for a created asset. Who knows…if you buy it now at say $10, you maybe able to sell it to someone else for $100 a few years down the line. You like the idea?

At the same time, my brain flashed the words “teak farm”. In case you have not come across this, in the 90’s and in the early part of this millennia, it was popular to “invest” in companies that promised to grow certain number of teak trees for you in a remote part of the country. Preferably an estate in the hills. They promised to return crores through the sale of matured trees. People invested. In return, they all got papers indicating the exact place/location where their trees are growing. They invested even more! And … well you can imagine the rest…

I expect that someone with similar talents of scamming will soon offer the (nonexistent) solar panel in the Thar desert scheme to us gullible folks in India. In the age of the social media, there will be fake accounts created to extol the virtues of this company, and how we can expect to get rich quick. And that is always the key message – “Get rich quick”. The scamsters love to tap into the most basic of human emotions – GREED.

Well…you have been warned. Check before you leap. What the heck…Double check. Keep your remonitised money safe in 2017!