The Nigerian 419 Scam in the Indian Stock Market.

Lagos, Nigeria.
Attention: The President/CEO
Dear Sir,
Confidential Business Proposal
Having consulted with my colleagues and based on the information gathered from the Nigerian Chambers Of Commerce and Industry, I have the privilege to request your assistance to transfer the sum of $47,500,000.00 (forty seven million, five hundred thousand United States dollars) into your accounts. The above sum resulted from an over-invoiced contract, executed, commissioned and paid for about five years (5) ago by a foreign contractor. This action was however intentional and since then the fund has been in a suspense account at The Central Bank Of Nigeria Apex Bank.
We are now ready to transfer the fund overseas and that is where you come in. It is important to inform you that as civil servants, we are forbidden to operate a foreign account; that is why we require your assistance. The total sum will be shared as follows: 70% for us, 25% for you and 5% for local and international expenses incidental to the transfer.
The transfer is risk free on both sides. I am an accountant with the Nigerian National Petroleum Corporation (NNPC). If you find this proposal acceptable, we shall require the following documents:
(a) your banker’s name, telephone, account and fax numbers.
(b) your private telephone and fax numbers —for confidentiality and easy communication.
(c) your letter-headed paper stamped and signed.
Alternatively we will furnish you with the text of what to type into your letter-headed paper, along with a breakdown explaining, comprehensively what we require of you. The business will take us thirty (30) working days to accomplish.
Please reply urgently.
Best regards
Howgul Abul Arhu
This or a similar email was sent to you maybe more than once. There is a good chance of one lying in your spam folder right now.
What would you do if this email was found in your inbox. You would most certainly delete it and don’t bother. But some people fall for this and advance money towards such a transaction.

Also Read: The No-Nonsense Guide to Futures Trading For Beginners

The sum total of the money siphoned off using these emails is 5 Billion Dollars in the last 10 years. That is over 30,000 Crore Rupees. A lot of questions are running through your mind right now. The primary question, Are people really that stupid ?
YES. ( 30,000 Crore Rupees isn’t a stroke of luck )
This is called the Nigerian 419 Scam. Google it after you are done reading. It has a lot of different variations, but the basic structure is same. Everyone in the world receives this supposedly stupid email and a few act on it. A man in California was duped for 5 Million Dollars.
Sometimes the mail is of a Nigerian Prince, sometimes from a billionaire’s widow or sometimes it’s an author who has rights to millions of dollars but needs your help extracting it from an un co-operative Bank.
Once they define their target there is a lengthy process of building trust. They even meeting the target more than once and there is a team involved.
But the bigger question is ? Why is the mail drafted in such a stupid manner ? The mail is so stupid that any person with a iota of intelligence can tell that it’s a fake.It has been years that this scam is in operation but the scamsters have not taken any effort to dilute the preposterous tone of the mail. Why ?

Also Read: NIfty Long Term Elliott Wave Analysis

In the US a person calls 911 when he suspects a fire/ threat of any kind. In some cases it turns out to be a misunderstanding. There is no fire at all. But these fake alarms cost the US Government 2 Billion Dollars annually. That’s a huge cost for false alarms.
The scamsters in the Nigeria don’t want to waste their time on false alarms. Hence the mail is drafted in a stupid manner. They do not want to pursue any person who has even a little common sense. They want a stupid jackass. And they get one because a person who falls for this mail is just that. He / She is their perfect target.
They want a GULLIBLE person ( A person who can be persuaded easily ).More precisely, they want the others to get lost. Hence the mail is so preposterous.
People are getting messages like – 100% SURESHOT CALLS OR JACK POT CALLS. We have a 95% STRIKE RATE. We never go wrong. Subscribe to our stock advisory services.
And people fall for that. I recently saw a mail in an online investor forum where a man lost over Rs 2Lac in such a transaction. These messages make stupid claims and they are looking for stupid people. Magically, they find such people too. To ensure that you do not fall for such non sense…

Also Read: Supercharge Your Investing With Everbull Stocks

Here are some facts about the stock market :
An advisor who has given a 30% return annually over a 5 year period on a diversified portfolio of say over 10 stocks is extremely smart and may really be one of the best in the industry.
Nobody gets rich overnight. Nobody. And if you do, I promise you that you will burn it in the next few nights. ( Speaking from past experience )
A 60-70% success ratio in giving stock calls is as good as it is going to get. Don’t expect 80-90%. It’s possible for few weeks, but not for few months.
Lastly, it’s your unreal expectations which is causing you this pain. If you want a genuine advisor start expecting a reasonable return.
Falling for these smses just proves that you are stupid.
Don’t be stupid.

Article by: Rahul T

(Rahul is a passionate blogger and writes about how to be a better person, a better friend, a better parent, a better student, a better lover and about getting better in almost every area of your life. At times he blogs on random topics. You can check out his blog friends with zero from this link)

Tags:, the multiplier, free multibagger tips, aceinvestorblog, Zerodha account, value picks, valuepickr, hidden gems, zerodha brokerage review, ace investor, value pick, value pickr, hidden gems,  the multiplier, free multibagger tips, aceinvestorblog, Zerodha account, value picks, valuepickr, hidden gems, zerodha brokerage review, ace investor, value pick, value pickr, hidden gems.
Next Post »


Write comments
February 2, 2016 at 10:16 AM delete

It shows that lot of such persons exists and they don't understand wise man's suggestion. They will come to know only after they are duped. Even after that it will be really stupid to say that "laut ke buddhu ghar ko aaye".

Puru ji
February 6, 2016 at 11:22 AM delete

Rightly said... it is for stupids to fall for such emails!