Government to Step Up Public Awareness Campaign On Chit Funds
New Delhi: Amid controversy over duping of investors' money by Saradha group, Consumer Affairs Minister KV Thomas said the government will intensify public awareness campaign on the risk of investing in fraud chit fund companies and ponzi schemes.
"After the Saradha Group incident, I have asked the Department to look into the issue. We have a limited scope to take any action as chit funds come under the ambit of the Finance Ministry. But we will intensify public awareness about chit funds," Mr Thomas told PTI.
The 'Jago Grahak Jago' campaign of the government will be stepped up with special focus on chit funds in coming days, he said.
Usage of credit cards, check points for buying insurance policy, selection of shares and stock brokerage firms are some of the investor consumer issues covered under the Jago Grahak Jago campaign so far.
Kolkata-based Saradha group is alleged to have duped lakhs of investors through a multi-crore chit fund scam.
Authorities are already looking into alleged ponzi or multi-level marketing schemes run by at least ten Saradha entities.
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