Financial Illiteracy As Catalyst To Promote Financial Frauds In The Unorganized Sector- A Review Of Frauds In The State Of Uttarakhand

Abstract

The ideology suggests that financial literacy is the need of the hour, but, the reality portrays that the residents are not even aware about the rudimentary concepts concerning savings and investments. This ultimately leads to residents being trapped in bogus Ponzi schemes of operators offering lucrative returns. Hence, the researchers would like to address with this study the far-reaching effects of Financial Illiteracy i.e., how financial unawareness leads the general public to fall in trap of misleading unregulated schemes offered by unauthorized bodies. Thus, this research has been contributory in reviewing the unorganized frauds in the financial sector done by operators of bogus Ponzi schemes in the state of Uttarakhand.