Chit funds — hook and sinker

People continue to invest in Non-Banking Financial Companies for higher returns, but many of these companies end up cheating the depositors. The latest is Mylapore Benefit Fund Nidhi. At present, 314 cases are under investigation and 345 cases are pending trial. So far, over 1,160 financial institutions have been booked for defaulting on payments to 9.20 lakh depositors who lost roughly ₹14,000 crore. Fraudsters are encouraged by a middle class lacking awareness