CHIT FUND FRAUD IN INDIA
September 1st, 2013
THE POPULARITY within India of informal investment schemes and high rates of household savings has made ‘chit fraud’ a dangerous scam for small investors. Raghavendra Verma explains this financial crime from New Delhi. ‘The Saradha Group – The name that everybody trusts’, was a useful catchphrase for a company seeking small investments from the Indian public, but now it is being mocked, even reviled. This April, it defaulted on repayments and closed down its operations, leaving depositors whistling for their money. Indian media reports have claimed ...
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