Daijiworld Media Network - Panaji

Panaji, May 2: Chief minister Pramod Sawant has revealed that residents of Goa have collectively lost an estimated Rs 500 crore to Rs 1,000 crore over the past seven years due to fraudulent investment schemes promising unrealistic “double returns.”

He said the issue has become a growing concern for the state, with many of the individuals behind such scams now believed to be operating from abroad, including locations such as Dubai and London. This, he noted, has made investigation, enforcement, and recovery of funds significantly more difficult for authorities.

Sawant cautioned the public against falling for schemes offering unusually high or guaranteed returns within short periods, stressing that such offers are often linked to financial fraud.

He urged citizens to remain vigilant and verify investment opportunities carefully before committing their money, as part of efforts to curb the rising incidence of financial scams in the state.