Doing a good earing in a job one needs to go with lots of learning process and even this comes short sometimes. But if any one understand any certain market and figures out a great business idea then nothing is better than this, still one thing always comes in the mind the capital from where they can get that much of capital for their business. And taking advantage of this, fraudsters are born.
World startup convention scam
There was going to held a “World Startup Convention” on 14-16 January 2023 Greater Noida.
The prospect of having prominent figures such as Elon Musk, Gautam Adani, India’s top government officials, and leading global investors gathered in one place, specifically in India’s national capital region, would pique the interest of any startup founder.
Credit: Google
“The World Startup Convention” garnered over 100,000 registrations from fund-seekers worldwide, with co-founder Luke Talwar and partner Arjun Chaudhary promising it to be the world’s biggest funding festival aimed at raising investments amounting to more than INR 100,000 crore [equivalent to $12 billion].
Credit: Google
The initial date was postponed to March 24-26 2023 with the venue remaining unchanged.
Know “ The Success Story of Nykaa: India’s Premier Beauty Retail Platform.”
A plan to initialize
Sohil Shah, the founder of Spreadd.io, a Decentralized Creator Economy company based in Dubai, recognized the significant opportunity to raise funds .
After discussing the idea with his colleague Sayan Sapui, he made the decision to fly his entire team to Noida for the purpose of presenting to potential investors.
- He conducted research on the event and provided insightful findings that left an impression on the team.
- Visualize a scenario wherein an investment of Rs 8,000 is made towards an event’s ticket and a significant number of kilometers are traversed with the intent of availing a funding opportunity for your business and unfortunately, it transpires that the entire effort is squandered on account of a massive scam.
- Things doesn’t stop to the prices of tickets, many startups invested lakhs of rupees to reserve a booth in their name to lure the investors.
- Some said that there entire funds were invested in this event and after realizing that those money have become bad debts then one person can resist that immense grief. Fear are there that many poor business persons might end up their business after this.
The trap layout
This is 21st century and things have elevated a lot from unique business ideas to unique scam ideas. But the Indian government is also no behind, they give full effort to make their citizens aware of scams. But greed and need are two most weak emotions for any person.
Credit: Google
And when one knows these two things they plan a trap that how to take full advantage of this for their own greed.
The convention aimed to offer a networking platform for emerging entrepreneurs seeking funds by facilitating interactions with industry experts and potential investors.
However, the investors failed to live up to their pre-event commitments on the day of the event, resulting in a disappointing experience for the attendees. Furthermore, the quality of the programs and proceedings fell below expected standards. Want to know about Byju’s new funding: Byju’s Raises 700 Billions at a Flat Valuation of 22 Billions
The primary web page of the sanctioned website for the World Startup Convention showcased eminent Indian leaders such as Nitin Gadkari, the Union Minister of Road Transport and Highways, and Pushkar Singh Dhami, the Chief Minister of Uttarakhand, a northern state of India.
Credit: Google
The event organizers are said to have utilized deceptive visuals of Union Cabinet members such as Nitin Gadkari, hinting at their presence during the convention. Additionally, Ankur Warikoo, a financial content creator and social media influencer, and author Chetan Bhagat have come under fire due to their purported links with the World Startup Convention. Know more about startups at Tata Neu: A Super App by Tata Group for Rewarding Experiences
How was the use of media led to this scam?
The use of media and graphic designers left no stone unturned to make their prey fall into their traps. Peoples are getting smarter these days as the world of internet has shown many black days in the history so many are aware of it and even the scammers too.
So, they planned everything very carefully and placed everything in the right place.
They also researched a lot and some sources says that the planning for the India’s biggest scam was going past 3 or 4 months which itself shown how intense the planning was going on.
The lead characters of the show- the influencers.
Many influencers were also seen taking part in this event and sources said that there managing team have not or done a very little background check of the company who is organizing the event. The role of the influencer played very strongly into the mind of the startup companies and these made the scam even more impactful.
Thing we need to learn.
After the scam, many are demanding their money back as some of them have invested their whole funding into these and some are on the borderline of mental breakdown.
- Things we can learn after such scams are that before investing anything one should go through a serious and deep research about that thing in which they are going to invest their money.
- Blindly investing lakhs of money, especially for a business person is not a sign of good business.
- The world internet is getting more dynamic things are now performing in seconds and phishing and imposters are not new, they have just changed accordingly.
Also Read: US Universities Changing Their Studies Patterns Due to AI Chatbots Use