Goans lost Rs 500 crore to frauds over past 7 years: CM

Warns against schemes offering double money, unusually high returns

Panaji: Chief Minister Pramod Sawant on Friday said that, in Goa, not less than Rs 500 crore has been lost through financial frauds over the past seven years. He urged citizens not to fall for schemes promising to double money or offering unusually high returns.

“The amount lost could be even higher. Hard-earned money of Goans is being taken away by some dubious investment companies whose masterminds are sitting in London or Dubai. The government cannot do much about it,” Sawant said at the Future Wealth Goa Conclave 2026 in Panaji, a three-day event aimed at promoting financial awareness.

The Chief Minister said financial literacy is important in view of losses linked to chit funds, crypto and forex trading. “Do not invest in unknown institutions,” he said.

Inaugurating the conclave, Sawant said earning money and knowing how to manage it are equally important. “Individuals who have a better understanding of money can save wisely and protect their family. The government fully supports financial literacy,” he said.

Goa has 807 bank branches across towns and villages, and that rural branches conducted 966 financial camps, he said.

“The conclave will teach people to avoid scams. A financially literate society is more stable and sees fewer crimes and robberies. Wealth is not just in gold or land, but also in investments,” he said.

The conclave is organised by India Intercon. Speakers included GCCI president Pratima Dhond, Dr Ajit Maniyal, Goa Association of Financial Advisors president Hari G Kamat, Nave Marg Financial Services president Dr Celso Fernandes, and conclave director Satish Menon.

“Financial literacy helps in managing money. It is about informed decision-making and long-term planning of savings. It still remains a challenge for many, even among the educated and literate,” said Dhond.

Speakers said Goa has a high literacy rate with about 30,000 graduates passing out every year, yet around 90% of the local population does not know how to invest or save. They said only about 9% of Indians participate in capital markets, compared to around 70% in developed countries.