Union Finance Minister Nirmala Sitharaman said that her ministry is preparing to clamp down on the Ponzi app. He said that in order to save the hard earned money of the gullible investors, work is being done in this regard with the Ministry of Electronics and Information Technology (MeitY) and the Reserve Bank.
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Cautioning investors against Ponzi app, Sitharaman said that they too should be careful and should not be lured by attractive returns. He said, “There are apps which are reaching out to people and claiming that we can do this, we can do that. Will get you this much money.
The Finance Minister said, “Many of them are Ponzi. We are working closely with the Ministry of Electronics and Information Technology and the Reserve Bank of India to crack down on them.
Ponzi scheme is a fraud with investors, in which money raised from new investors is given to old investors, and after some time the scheme completely sinks.
He said at an event in Tumkuru, Karnataka that investors should also protect their hard-earned money and decide with caution in this regard.
(This news has not been edited by NDTV team. It is published directly from syndicate feed.)