Generally and broad terms, a fundamental paradox defines Kashmiris: we are both a cynical and a gullible people. Plus we think of ourselves as very clever. Re the former we distrust each other, impute motives(where, at times, none exist) and put our own interpretation on people and events, no matter how far that may be from the truth. In terms of the latter, we are too trusting. These extremes of our collective character traits mesh with our self perception of being a clever people. All these attributes of our collective and individual selves have come together in a scam that has apparently defrauded people here to the tune of a whopping 59 crores!
The Modus Operandi of the company that has , according to media reports defrauded hundreds of people has been to catalyze trust and publicity through a social media influencer( a local), use Kashmiri front men(women) as the face of the company, pay some down payment against monies invested , induce people to invest larger sums and then disappear. When push comes to shove , – that is when irate investors demand explanations, it is the local front staff of the firm that gets to cop the flak. As it is, these front persons have also been duped. This , in general terms , is the typical modus operandi of a ‘ fly by night operator’. It neither requires criminal genius nor high intelligence to commit a crime of this nature. It is a simple financial crime. But this does not detract from the fact that a crime has been committed and peoples’ hard earned money stolen. Sadly, it appears that the money is as good as gone.
There are reasons beyond stated in the essay about why this has happened: primarily, it stems from very high price of land in Kashmir- a once preferred investment option that is now beyond the reach of the middle classes here. Other investment options like bank deposits offer a nominal return and instruments like FD’s have a long gestation period again with a somewhat nominal return. So when and if people have some money which cannot be invested in land given the skyrocketing price of the same, they seek other avenues. It is here that our psychical and cultural characteristics kick in: we become easy and facile victims of fraud and duping.
If the fraud in contention of 59 crore rupees is to be a last of its kind, then what measures can be taken? The answer lies in the democratization of finance where ANY individual with even a minimal degree of financial literacy can access the world’s pool of savings and investment. All it requires is some due diligence, some knowledge of accounting and finance and lo and presto, an investor can reap financial returns commensurate with risk. Due diligence would mean understanding companies, their balance sheets , the nature of the market in which the company operates, how it performs with respect to the market, the nature of its transparency and above all overall reputation. On the face if it, understanding these very basic parameters sounds difficult. But, trust me, it is, after some understanding as easy as ‘eating batte’(eating rice).
So, to not to allow be victims of predators , Kashmiris must make themselves financially literate. But, if people seek ‘financial intermediation’ here in broad terms – that is seek advice of a financial broker-then the cardinal rules must be : one, research as much as possible about the firm , talk to its people, record these conversations, seek written assurances (not on whatsapp). Two, above all ask questions in the politest possible terms but to the extent of irritating the financial advisor. If he or she loses cool, then this is one indicator that the person is not genuine.
These are some issues and themes that people must understand and learn. But this leaves open the issue of our collective characteristics. These are the root of our problems. To obviate these, we must learn to be open to learning and integrate in our psyche the maxim that , ‘ uncertainty ( in worldly affairs and knowledge’ is the beginning of wisdom’ . Synthesised with humility , it can go far in making us learned , curious and not merely ‘chaalaak’!
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