Chit fund or cheat fund?
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Millions of people in India were defrauded of 46 billion rupees by chit funds that turned out to be scams. Approximately one million people had their dreams shattered by being cheated. There is evidence that political dignitaries were involved in these scams. Many victims fell prey due to factors like ignorance, financial illiteracy, innocence, poverty, and greed. Commenters are asked to share their views on what should be done to remedy the situation and prevent future scams.
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Chit fund or cheat fund?
- 1. Chit Fund or Cheat Fund?? 1 Debidutta Pattnaik, CFA (ICFAI) PGDM, MBA, MIFA
- 2. 2
- 4. 4 Million Dreams shattered About 1 Million People were cheated
- 7. 7 Why do people fall into such trap? Ignorance Financial Illiteracy Innocence Poverty Greed
- 8. 8 What should be done? ?
- 9. Comment your views. It does matter! 9