Life savings gone

More Essay Examples on Ethics Rubric Deontology In the case of compensatory justice, relationship managers who gave misleading sales pitches ought to compensate their clients who lost their investments to a certain extent to deter similar incidents from occurring. DBS should bear the bulk of the responsibility since the bank already knew that retirees were being sought out first but yet did not step in to ensure that they were fully informed of the risks involved.

Life savings gone

Ankita Sinha Video Editor: Kammaljiit Kainth When year-old Ranjana Rana decided to invest her life savings inher neighbours suggested she try out the refundable holiday scheme investment opportunity that a company called Citrus Check Inns provided. Without waiting any further, Rana and her family invested over Rs 5 lakh in fixed deposits in the company over a period of three years.

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But when Rana tried to collect her maturity amount, she was in for a shock. Not just me, even my neighbours, friends, no one was getting their money.

How will I survive without my money? That money was my only livelihood. I am a widow, even my son is no more.

How will I pay for my medicines? Ina company called Royal Twinkle Star floated a refundable holiday investment scheme. Here, people could invest their money as recurring deposits or fixed deposits and receive an interest of over 13 percent on the amount. Investors were allegedly Life savings gone that their money would double upon maturity.

But ininvestors who did not receive their maturity amount complained to Securities and Exchange Board of India about it. We were getting 13 percent interest on the amount quarterly or half yearly. That was regular, but the problem started when the company had to return the maturity amount.

I had left my job in Dubai and deposited my savings in the scheme and I was surviving on the interest. I hope I at least get back my principal amount now. Once complaints of fraud started pouring in against Citrus Check Inns Ltd. Here, the two companies agreed to issue a No Objection Certificate liquidating their assets to repay the investors.

What we are asking, not even taking the Rs 7, crores into account is, you collected an amount of Rs 4, crores, which is a fact and you have an asset worth Rs 3, cores. So you are lacking around Rs 1, crores.

Where is the Rs 1, crores? How are you going to pay back.

Life savings gone

They are saying they will liquidate their assets but the assets are not enough to wipe out even their principal amount debts. While speaking to The Quint, Goenka assured that he and his company are committed to returning the principal amount in installments and said the reason for the delay in returning the amount was due to the devaluation of his real estate assets over the last few years.

Rs 7, crores is the wrong number, this has never been the figure. If we count interest also, it will work out to Rs 5, odd crores.

The total liability of the company collectively is around Rs 4, crores.

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This is the principal amount and against that, as per NCLT order, we have voluntarily surrendered assets worth Rs 3, crores. I owe debt worth Rs 4 lakhs, how will I clear this? I had invested all my money in the scheme.

I have been investing Rs 7. I wrote them a letter and requested them but there was nothing. Nearly two years after the maturity date, Umesh is losing hope of ever getting his money back.

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I thought with the returns, I would buy a small house and get married but now none of that is happening.

Investors can often be seen queuing up outside the office to enquire about their hard earned money. The Quint is now on WhatsApp. To receive handpicked stories on topics you care about, subscribe to our WhatsApp services. Just go to TheQuint.Jan 09,  · Life savings gone, 'Madoffed' best-selling writer back at work.

Story Highlights; Call it gallows humor, but Alexandra Penney has just lost her life's savings.

Private medical insurance, later life care, savings and investments | National Friendly

One response to “Investing Gone Wrong: How I lost my life savings” Jeff says: February 22, at am Considering the amount you actually invested and your age, you hardly lost your life savings. I lost $k real dollars (on a 20k a year salary at age 30) and I also would never call that losing my life savings.

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Yes 30 Lacs / life time savings is gone. Gone are dreams of foreign tours forget about buying bigger/another property for children. Beginning this month, I have started trading in options as chances of loss in an single trade are limited. The victim of an online dating scam is speaking out, saying she was duped out of her entire life savings by a man preying on women looking for love.

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Savings and loan crisis - Wikipedia