Odisha CM Raises Awareness on Chit Fund Scams

Odisha Chief Minister Mohan Charan Majhi revealed he was a victim of chit fund scams, urging vigilance against ponzi schemes at the State Level National Consumers Day. Reflecting on his own experiences, he stressed on improved regulations aimed at protecting consumers from such fraudulent practices.

Odisha Chief Minister Mohan Charan Majhi has shared his personal ordeal as a victim of chit fund scams, urging the public to be cautious of ponzi schemes. He made this appeal during the State Level National Consumers Day celebration on Tuesday.

Majhi recounted how he fell prey to enticing but deceptive promises by ponzi firms in 1990 and 2002. Despite his efforts, he was unable to recover his investment, citing the lengthy and cumbersome process involved. His story serves as a cautionary tale to others.

The Chief Minister acknowledged significant improvements in current regulations, thanks to the Centre's intervention. These reforms are intended to safeguard consumers from similar scams and manipulative financial practices.

(With inputs from agencies.)