Lure of high returns saw Goans lose Rs 500+ crore in 7 yrs: CM

Panaji: Tempted by promises of money being doubled, Goans have invested in chit funds, dubious schemes and other frauds that have left them poorer by more than Rs 500 crore over the last seven years, said chief minister Pramod Sawant here on Friday.Citing data from the Economic Offences Cell, Sawant said the amount could go up to Rs 800 crore to Rs 1,000 crore if one takes into account the smaller frauds perpetrated on Goans.“Goans have a lot of money, but they should not invest it in the wrong places,” said Sawant. “People have lost anywhere between Rs 500 crore and Rs 1,000 crore over the last seven years. I am talking only about investment funds and not other scams.

Goans need to remain alert and stop investing their funds in such unnecessary schemes.”He was speaking at the Future Wealth Goa Conclave 2026, a three-day financial literacy drive.“More than Rs 500 crore of the hard-earned money of Goans has been stolen through chit funds. This is only because of the promise of doubling the money. Somebody sitting in Dubai, London or elsewhere outside Goa is hoodwinking Goans and stealing their money,” said Sawant.

Citing the tendency of Goans to chase quick returns, he called on educational institutions and banks to impart financial tips to all.“At the graduate level, we need financial literacy. This is the need of the hour. If someone says Rs 1 lakh will become Rs 10 lakh, please don’t invest even by mistake. Don’t invest until and unless it is an institution. Otherwise, unnecessarily, people lose 50,000 to Rs 5 crore in such scams,” said the chief minister.“Goa has the highest literacy rate and 30,000+ graduates every year, yet our children are never taught how to manage money. We appointed 680+ teachers for financial literacy under the NEP, but 90% themselves don’t know how to invest or save,” said founder of Investment Avenue and Goa Association of Financial Advisors, Hari Kamat, in the keynote address.