7
Investors baffled with dwindling interest rates on deposits, especially amidst the COVID pandemic, are desperately searching for better returns on investment. No wonder, there is a spurt in get rich quick schemes and scams that are luring such investors. There is one such entity SM Trade (Shree Mahakali Trade), which is promising huge returns on investment.
SM Trade is said to be a company operated by Ritesh Panchal aka Ritesh Sikligar. He claims to deal in stock market trading; trades in futures to make money, and uses options to hedge and insure.
According to our sources, SM Trade and Mr Panchal have already lured several retired people, mainly from the Indian Institute of Technology (IIT Bombay) and nearby area under the pretext of giving good returns on investing money with him.