Now your hard earned money will be protected. Actually, the government is preparing to rein in the Ponzi App. Union Finance Minister Nirmala Sitharaman said on Sunday that her ministry is preparing to crack down on Ponzi app.

The Finance Minister said that the Ministry of Electronics and Information Technology (MeitY) and the Reserve Bank of India (RBI) are working together in this regard to save the hard earned money of gullible investors. Sitharaman cautioned investors against Ponzi app and said that they too should be careful and should not be lured by attractive returns.

He said, “There are apps which are reaching out to people and claiming that we can do this, we can do that. Will get you that much money. Many of them are Ponzi. We are working closely with the Ministry of Electronics and Information Technology and the Reserve Bank of India to crack down on them.

Ponzi scheme is a fraud with investors, in which money raised from new investors is given to old investors, and after some time the scheme completely sinks. The Finance Minister said in a program in Tumkuru, Karnataka that investors should also protect their hard earned money and should decide with caution in this regard.