Govt working to clamp down on dubious ponzi schemes, says Nirmala Sitharaman

The government is working to “clamp down” on financial apps that are taking investors for a ride, with false promises of lucrative returns, finance minister Nirmala Sitharaman said on Sunday, adding that there was, however, no plan as yet to bring financial influencers under a separate regulatory framework.

“There are apps which are coming out and reaching out to people saying … your money will fetch you this much, many of whom are ponzi apps, on which we are working with the Ministry of Electronics and Information Technology (Meity) and the Reserve Bank of India (RBI), clamping down on them like never before.