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Cover Story

  • Driven by the lack of legitimate savings schemes for the rural poor, inadequate regulations and political patronage, hundreds of illegal Ponzi schemes masquerading as collective investment schemes or chit funds have sprung up across India.
  • The industrial town of Haryana became a refuge of hundreds of chit funds based in Kerala after the southern state enacted the Kerala Chitties Act, 1975. This led to an exodus of chit funds from Kerala to other states, especially to Jammu and Kashmir and Haryana, where similar laws were not promulgated at the time.
  • R. Thyagarajan, Founder, Shriram Group says it is not the lack of regulation that is fostering such scams but unbridled RBI regulation.
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