Thursday, December 30, 2010

Are You Aware Of The Banking Mafia?

It was great meeting fellow Happionaires in Delhi sometime ago, while many were already a part of our group, quite a few were experiencing our ways for the first time. I was very happy to see entire families coming together and investing in their financial future. Lots of fellow Happionaires who weren't able to attend, have been asking what happened. A lot happened at the program and a simple blog post, will not be enough to share everything that happened. But looking at the enthusiasm of everybody and eagerness to learn, I have decided to take a vow and make sure I visit many more places across the world with our message. When I meet people I realize there is so much more to be done.

Once again countless number of people have been cheated of crores of rupees. This time at Citibank's India operations. One of their employees single handedly managed to dupe people of over Rs. 400 crores, including some of the wealthiest families such a the Munjal's of Hero Honda. A hundred million dollars siphoned out by the banking mafia.

Firstly it is very clear that a single person isn't involved in this sort of fraud - but a large part of the system. It is impossible that people on the inside of the bank didn't know what was happening for over a year, but they didn't react simply because it wasn't their own hard earned money at risk. It was somebody elses.

When people go to a bank, unfortunately they tend to trust a lot of things. They tend to believe that the fancy bank, large office space, well dressed employees, fancy titles and chairs all prove that the banker knows more about finance, money and investing then they do. They are told to invest in ULIPS and fancy investment linked to derivatives and quants. But the truth is that irrespective of who is in front of you, you shouldn't be afraid to question.

Get rid of your ego and feel free to tell them, you don't know what 'equity' is, nor do you know what 'debt' is. Probe deeper and you will then realize that not everything said by someone having a fancy educational degree is true. A part of the reason we had the global economic crisis in America was because people believed the financial sector blindly. People believed them because they didn't have any knoweldge about the way finance, money and investing works.

Firstly the people who lost their money, should be compensated by Citibank, if they don't will lose trust in them. But in the future, can we can not continue blaming a snake for biting and poisoning others. We can not blame a wolf for eating sheep. We can not blame a thief fro robbing our house if we haven't even bothered to put a lock. We need to take steps to protect our self interests. We need to make sure we are armed with knowedlge that will help us protect ourselves as well as our families from such people.

Today these members of the financial mafia, will greet you at your bank disguised as "Relationship Managers" or "Financial Advisors", the only relationship they want from you is to empty your pockets. The only advise they give is to invest in what benefits them.

To a few what I say might sound harsh and blunt, but sometimes the truth does sound that way.

What we see today is just the tip of the iceberg, if we don't take steps today, what we saw in America during the crash, is what will happen in India in the coming years. A large part of the middle class burdened with useless things, heavy in debt and having no inner peace, nor any sort of wealth. They will be spirirtually, morally and financially poor if steps are not taken today.

I will not tolerate such a thing and as fellow Happionaires, none of you should either. Today is the time for us to take action, to make sure everybody around us takes control of their financial future. The only way to battle such banksters is to be armed with financial knowledge - I once again am not talking about some academic knowledge of accounts, but knowledge from the practical world. Every time we share something it grows stronger. To stop such things from happening with our loved ones, friends and fellow world citizens I want each one of you to share this message with as many people as possible.

Change can start with a single person, but change can never spread with a single person. It needs you.

Keep smiling and happy investing!
Yogesh Chabria

P.S.: I have been encouraged by a lot of friends to use Twitter. To be honest, I have found it a bit confusing to use. I had used it sometime ago, but this year I have been told that I better get onto to it and post more often. Post me a message on twitter, I want to see how it works:


raju said...

Excellent and am glad you are always so frank and open Yogesh ji......................we need to make every INDIAN aware of these banking mafia people and who are creating havoc with life of common and also all sorts of peoples. for this revolutoion of knowedlge we need to educate more people...wish you and all Happioanire all new years best wishes!

raju - happionaire

naresh said...

i have e-mailed this post to all my friends specially those with citibank so they can let them know that innocent customers should get a refund, someone i know personally has had rs. 50 lakhs stuck with these banking mafia.

the way raju said i am glad that you are speaking on such issues also. for this happionaire revolution to come we need to take action too.

wish all happionaires and your Yogesh ji a very happy new year and great 2011.

Yuvraj Singh said...

Thanks. This was really helpful.
Please publish your schedule to visit Chennai. Very keen to meet you in person and learn from the master

Anonymous said...

Great information! I’ve been looking for something like this for a while now. Thanks!