Sebi probes pyramid schemes based on cows and desi ghee

The “cattle-and-ghee” investment scheme that has recently come under the Sebi scanner as a Ponzi scam should have set alarm bells ringing at least among individuals mindful of rising cholesterol levels. After all, the company’s pitch was pegged on returns based on the future prices of dairy livestock and the lipidous by-product that has been in the crosshairs of anti-obesity experts for years. But as ghee has been making a comeback to trendy tables fortified by testimonials by health professionals and is also increasingly being used in “natural” cosmetic formulations, a case could also be made for investing in ghee. However, verification of the existence of the ungulates is an obvious prerequisite for garnering any profits.

Then again, this is not the first time that a racket has had bovine motivation. Many officials connived in Bihar to buy fictitious fodder for non-existent cattle for years, uncowed by fear of retribution, divine or judicial. Milking the exchequer to milking the public is but a short step, so, the formulators of this alleged “cattle-and-ghee” scam cannot be accused of originality. Indeed, if more investors read relevant cautionary tales from the Panchatantra — one appeared in Speaking Tree last month — they may be warned off by déjà vufeelings when being fed such ghee-cattle-profit spiels.