‘Ponzi App’ alert

On Sunday, Finance Minister Nirmala Sitharaman, while cautioning people against “Ponzi apps” revealed that the finance ministry was working with the Ministry of Electronics and Information Technology (MeitY) and the Reserve Bank of India (RBI) to clamp down on such apps “like never before.” On so-called finfluencers, she said the government did not have a regulatory proposal under consideration, but advised investors to tread carefully and verify what they’re getting into before putting in money.

Her piece of advice to the gullible investors is worth reproducing. “Don’t go as a flock into something, where because somebody else has done it, you also do it,