Nirmala Sitharaman emphasizes caution in following financial influencers, ponzi apps to protect hard-earned money
1 min read . Updated: 23 Apr 2023, 01:57 PM IST
Premium- Sitharaman further stated that the government is currently cracking down on these fraudulent schemes more aggressively than ever before.
Union Finance Minister Nirmala Sitharaman on Sunday stressed the importance of being vigilant while following social, financial influencers and Ponzi applications to safeguard one's hard-earned money.
During a recent address in Bengaluru, Karnataka, Sitharaman expressed concern over the prevalence of biased advice from financial advisors and urged individuals to be mindful of their sources.
Sitharaman stressed, “If there are 3-4 people giving us objective advice, there are 7 others out of 10 who're probably driven by some other considerations. There are many Ponzi apps on which we're working with the concerned ministry, the Reserve Bank of India (RBI) and clamping down on them like never before."
Sitharaman further stated that the government is currently cracking down on these fraudulent schemes more aggressively than ever before.
Sitharaman cautioned the public about the risks associated with following social and financial influencers and further advised individuals to be vigilant and verify the accuracy and reliability of information and recommendations provided by influencers.
Additionally, she warned against blindly following trends or going along with the crowd, emphasizing the need to protect one's hard-earned money.
“Don't go as a flock into something and therefore, protect our hard-earned money," Sithraman noted.