Panaji: Tempted by promises of doubling their money, 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, Chief Minister Pramod Sawant stated on Friday.
Economic Offences Cell Data Reveals Larger Fraud
Citing data from the Economic Offences Cell, Sawant indicated that the total amount lost could reach Rs 800 crore to Rs 1,000 crore when accounting for smaller frauds perpetrated against 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."
Call for Financial Literacy
Speaking at the Future Wealth Goa Conclave 2026, a three-day financial literacy drive, Sawant emphasized the need for education. "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," he said.
Highlighting 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 unless it is an institution. Otherwise, unnecessarily, people lose Rs 50,000 to Rs 5 crore in such scams," the chief minister added.
Expert Opinion on Financial Education Gap
Hari Kamat, founder of Investment Avenue and Goa Association of Financial Advisors, delivered the keynote address. He noted, "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."
The conclave aimed to promote financial awareness and prevent future losses from fraudulent schemes.
