One such expanding agricultural fraud that is popular worldwide, particularly in India, involves hydroponics and vertical farming.
They entice farmers and investors by assuming the image of a large corporation and offering them lucrative returns on investment through enticing deals on everyday agricultural products.
The world’s food production problems have been hailed as having a revolutionary solution in vertical farming. But behind this technology’s shiny exterior sits a startling reality: the vertical farming scam.
Advocates of vertical farming frequently highlight how it may yield large amounts of food with little space and little resources. However, the truth is that a lot of vertical farming businesses fail to turn a profit and remain sustainable. The advantages of higher crop yields are frequently outweighed by the high expenses of energy, machinery, and maintenance.
One such company name as Agri and Aqua llp in thane where the company director has been arrested by thane crime branch for duping more then 150 investors of over Rs 41 crore by luring them into investing in fraudulent scheme.
The so-called initiative involved investing in a turmeric production project that promises significant returns on investment and can provide more earnings than traditional turmeric farming. This type of farming is known as vertical farming and is facilitated by the promotion of high-tech vertical farming technologies. As a result, the defendants were able to defraud farmers and investors out of an incredible amount of money—crowds. Remarkably, the victims do not receive what was promised back.
However, coming on hydroponic farming is sustainable and efficient, it has become more and more popular in recent years. Scams involving hydroponic farming have, however, also increased in parallel with the growth of this sector. These frauds frequently involve businesses that promise investors fast and significant rewards on their investments, only to leave them with inferior goods and empty wallets.
The use of false advertising is one strategy frequently employed in scams involving hydroponic farming. Businesses may overstate the advantages of their goods, presenting fictitious promises about higher crop yields and lower water consumption. Sadly, a lot of these products fall short of expectations, leaving farmers broke and dissatisfied.
Scammers/fraudsters emotionally play with the emotions. They target the potential victims which does not have success and is experiencing a vulnerable period in life.
In conclusion, it is important for farmers and investors to be cautious when dealing with farming companies. By doing thorough research and asking the right questions, they can avoid falling victim to these scams and instead find success in this growing industry.