Operators of ponzi schemes, popularly known as ‘chit funds’, seem to be stealthily making their way back to the State. Assam has for long been a happy hunting ground for such shady operators, collecting huge funds from gullible depositors with the blessings of political godfathers and support from corrupt sections of the administration, notably the police. Despite the spectacular collapse of Saradha, Rose Valley, Unipay2U, Jeevan Shakti, PURA and many such schemes whose fund magers closed shop overnight and disappeared with the people’s money, little seems to have been learned. People are still trusting such operators with their hard-earned savings, tempted no doubt by hard-selling agents promising high rates of return. There is still little public awareness that such schemes essentially operate by collecting money from new investors to pay off earlier investors, so one day these are bound to collapse. This sad scene was again played out recently in Guwahati when a group called Shubh Shakti Cooperative Society went kaput, with the police maging to lay handcuffs on its kingpin and a few agents. However, this group is already believed to have collected over Rs 22 crore in Guwahati city alone, leaving the depositors high and dry. While the ground situation is much different compared to five years ago, ponzi scheme operators are reportedly still finding it easy to set up shop in the Assam. Back in 2012-13, it was estimated that around 150 to 200 such groups were collecting money across the State, taking advantage of large sections of the population being out of bank coverage. Considering the hassles of opening bank accounts, it was easier for petty traders, farmers and daily wagers to entrust their small savings with chit fund agents known to them. Since 2014 though, firstly, Prime Minister rendra Modi’s Jan Dhan scheme, and secondly in November 2016, his demonetisation move sought to bring most people into the banking fold under ‘less cash’ system. But there are strong indications that a section of depositors is not comfortable to be under the taxman’s gaze through bank surveillance. So they are falling prey to the blandishments of fake chit fund agents, promising not just high returns, but also anonymity and secrecy. What depositors hardly realise is that they are putting themselves totally at the mercy of such operators, who can blackmail them and decamp with their money. Once that happens, defrauded depositors may even hesitate to approach the police. The alarm bells should now start ringing in Dispur to prevent such incidences; the State government cannot absolve itself of responsibility in protecting small depositors. It has to ensure that regulatory bodies are doing their job watching out against such fraudsters.