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.

1. Chit Fund
or
Cheat Fund??
1
Debidutta Pattnaik, CFA (ICFAI)
PGDM, MBA, MIFA

2. 2

3. 3
Billions looted
46 Billion
Rupees
Defrauded

4. 4
Million Dreams shattered
About 1 Million
People were
cheated

5. 5
Political dignitaries involved

6. 6
Justice denied

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