59-Crore Scam in Kashmir : Who's at Fault?

A multi-crore scam inspired by the Hindi film “Phir Hera Pheri” was recently unearthed in Jammu and Kashmir. The fraudsters established a company named 'Curative Survey' in Karan Nagar. They allegedly duped numerous individuals, raking in a substantial Rs 59 crore. The promise of doubling investments within two weeks served as their modus operandi, as per official reports.

At first, the company delivered on its commitments, attracting a surge in investor interest. Local YouTubers played a role in amplifying the scheme's popularity. However, things took a turn when the company owners abruptly vanished and locked down its office.

The news swiftly gained momentum, sparking a surge of investors, predominantly comprised of youth and women. They mobilized towards the on-site office in Karan Nagar, only to be met with disappointment as they discovered it firmly locked. Heartrending scenes unfolded across different locations, with people visibly disheartened and frustrated.

Who is to blame? And why?

Curative survey is not the first online platform that has been used by gamblers to lure money from the people on the pretext of doubling their investments in the short period of time. The responsibility, however, doesn't solely rest on the people who spread the word by endorsing such brands on their social media fan channels. Those who chose to invest in such ventures share the onus, reflecting a degree of carelessness and a potential lack of internet literacy.

However, here’s the twist in this story. Local YouTubers, boasting substantial regional followings, not only promoted the company on their social media platforms but also went as far as vouching for its authenticity with guarantees. This, ideally, should not be the norm. A Social Media Manager or Editor, overseeing a platform, is expected to incorporate disclaimers. These disclaimers clarify that the platform neither endorses nor guarantees the content of the advertisement. Instead, it serves as a promotional tool, acknowledging the potential risks of fraud.

As local YouTubers actively endorsed the platform, vouching for its authenticity and providing guarantees, a segment of the affected audience, perhaps less informed about safe investment practices online, proceeded to invest.

What adds to the problem?

In the wake of the Internet revolution in India, the accessibility and affordability of the internet became widespread, ushering in a wave of enjoyment for individuals across the country. While people embraced its advantages wholeheartedly, the associated threats and challenges were largely overlooked. With the internet becoming an integral part of daily life, individuals were quick to join the online realm, often preceding their enrollment in educational institutions. Unfortunately, this rapid onboarding has led to a significant lack of awareness regarding internet literacy, cybersecurity, and best practices for safe
internet usage.

Key Takeaways:

Exercise caution: Don't believe everything that flashes on the internet.

Avoid blind trust: Refrain from blindly following v-loggers and YouTubers without due diligence.

Prioritise well-known platforms: Invest only in platforms with established reputations and thorough research.

Conduct online research: Before making any investments, thoroughly research the brands and platforms online.

The author is a software engineer.