Chit Members, Chit Fund Limits
ď‚— The
Chit, Chitty
mere mention of a chit fund can get worried wrinkles to appear on foreheads. Call it chit, chitty, kuri or committee, this was once a popular savings avenue, as much with housewives as with businessmen.
Government regulatory ď‚— Over
a period of time, it has earned a bad name due to scores of scams and frauds in the name of chit funds. While fund companies and even government regulatory bodies say that chit funds are safe.
How does chit fund works? ď‚—Every
month, one subscriber will get the collected amount based on a bidding system. Generally, those who are in need of money in a particular month participate in the bidding,
What is Ponzi Scheme? ď‚—A
Ponzi scheme is essentially a fraudulent investment scheme where money brought in by the newer investors is used to pay off older investors. This creates an impression of a successful investment scheme. Of course, as long as money entering the scheme is greater than the money leaving it, all is well. The moment the situation is reversed, the scheme collapses.
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