FINANCEOUTLOOKINDIAOCTOBER, 20248NOTEWORTHY EVENTS TO BE ABREAST OFBy Finance Outlook India TeamREPORTChittoor Sp Cautions People Against JoiningUnlicensed Chitfund Enterprises Superintendent of Police V.N. Manikantha Chandolu has cautioned people against participating in chit-fund operations. He has cautioned people to avoid spending their hard-earned money in unregistered and unregulated chit-fund operations.At a news conference on Sunday, September 1, the SP advised citizens to only subscribe to government-regulated financial institutions. "The public does not get any legal protection if they lose money in unregistered chits, making it difficult for the police to retrieve their money," the investigating officer stated."Running unlicensed chits is a legal violation. Participating in these sorts of chits can also land you in legal difficulties and result in serious penalties such as fines or jail," the SP added.The SP advised the public to protect their hard-earned money by putting it in registered chit funds, post office savings plans, or banks that have received government approval. Mr. Chandolu continued, "The public is urged to report incidents of unauthorized chit-fund operations in their localities".7 Crore Chit Fund Fraud: Bizman and Son Taken into CustodyDelhi's Crime Branch detained a businessman and his son on suspicion of defrauding more than 200 individuals out of Rs. 7 crore. The pair was recognized as Prasun Pandey, the son of Ravinder Kumar Pandey. Prasun, 33, is a BBA graduate. The Delhi Police's Economic Offense Wing filed a complaint against the father-son team last year for their fraud.
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