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How to Avoid Get Rich-Quick Schemes & Scams?

Money has been a big part of everyone’s life. It is a universal truth that without a good amount of money you cannot lead a secure life. The common perception has been doing the rounds that in order to achieve all the pleasures and luxuries you got to have tons of money and it’s kind of true.

There is so much unpredictability with life these days that everyone wants to own a lot of money so that he/she should never get to see a bad phase in his life.

At the same time earning a huge amount of money is not an easy thing, everyone has got to work hard for that. All the millionaires and billionaires have worked really hard to achieve that. It is inspiring yet it has not stopped people to become greedy about getting rich quickly with the least amount of effort.

Such people are often preyed on by scams and alleged frauds by notorious people. There have been so many cases where a number of people have been looted of their wealth for some easy and effortless profit.

One such alleged fraud has been doing the rounds in the news lately which occurred in the United Kingdom where the Muslim community was conned with a huge amount of money.

Ashfaq Siddiqui’s East London alleged Fraud

Ashfaq Siddiqui, the secretary of Al Madina Mosque Barking has pulled an alleged fraud in the name of investment of £5000 with a guaranteed profit within a year to the Muslim community of London in the year 2017-18.

The alleged fraud has been pulled under the name of the Muslim Entrepreneur Network (MEN). The MEN was launched in the year 2015 for people of the Muslim community to come together by subscribing to the online resource MEN to learn from one another and grow together.

In 2017 the scheme with the name of Leverage was introduced by the new partners of MEN Mirza Brother (Rafaqat “Rocky” Mirza & Aziz Mirza) who were presented as millionaire businessmen from Canada. The members were asked to make the investment of £5000 in the Leverage program and in return, they will receive the guaranteed profit within a year.

Between 2017 and 2018 around 1400 people invested in Leverage. It is believed that the total amount looted from the pockets of the Muslim community in London is around £3-£4 million. The investors have been running here and there but there is no sign of any return.

Ashfaq Siddiqui is the main accused of alleged fraud who motivated and influenced people to invest in the Leverage. Mr. Siddiqui, who has also been an ex Metropolitan police detective is being protested against “Why he supported such an alleged fraud as being an ex-police officer and the member of the community”?

How Can You Avoid To Fall In Such Fraudulent Traps?

Such alleged frauds have scared people in many ways and people who have an interest in investing their money in programs and schemes are concerned about getting conned. But with strong measures, you can avoid falling for such frauds.

Always Run A In-Depth Research

Whenever you are approached by anyone for any kind of investment promising a bulk of the money, your first duty is to listen to him carefully and do not commit to it immediately.

Before investing or making any promises do run a thorough research on the scheme he has offered to you. The Internet is quite helpful in providing you credible data about any kind of investment whether such investment is worth investing in or not. When you are performing your research always dig deep into finding the worth of such investments.

Find out Whether That Scheme is Supported by a Profound Organization or Not?

An investment plan is not of any value and has enough chances of being an alleged fraud if it is not supported by a well-known organization or not. You always require assurance of a return when you are investing your hard-earned money into something. And that assurance comes when a valued organization is behind that program or scheme of investment.

People often try to overlook the authenticity of the scheme when they are approached for an investment that promises them a good amount of money in a short period of time. You have to stay away from that.

Ask Multiple Questions

Whosoever is coming to you for an investment in his scheme should have valid and strong points to prove that the investment has credibility and assured return of profit. Try asking him questions about their return policies, where will the money be used which you are investing in, what are the risks involved with the investments and how long will it take them to return the money with profit.

Anyone who has a pure investment plan or scheme will conveniently answer all the questions with conviction and logic. Someone who is just trying to make a fool out of you will give you answers to lure you into the scheme by making false promises of the bulk of money in return.

Don’t Fall For “Too Good To Be True”

One thing which can be learned from the alleged fraud of Ashfaq Siddiqui is that people often fall for what is “too good to be true”. But people normally do not give a nice thought to it before investing because the promised return is huge.

Everyone wants to make a lot of money and when such schemes are put in front of people they tend to stop using their brains and just invest in it with blind eyes. You have to avoid doing that and ask yourself “is that even practically possible”? When you ask this question to yourself then you start getting the right answers.

Final Verdict

There are so many alleged frauds that have been happening all around and one should take the Ashfaq Siddiqui alleged fraud as an example that when there is money involved he/she should take all the practical precautions before investing. With the right kind of precautions, one is less likely to fall into a trap of alleged fraud.

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Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


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