Uma Chit Fund - Fighting Frauds and Scams in the Chit Fund Industry

The chit fund industry has been plagued by frauds and scams. Some companies have gone out of business due to internal conflicts, while others are unable to make their investments. Unfortunately, these problems are often hard to detect and the scams have left a lot of people broke. One group of investors, Uma, is trying to help these people rebuild their confidence in the chint industry by using smart contracts and blockchain technology. In order to combat these frauds and scams, the UMACHIT FUND uses blockchain technology. The technology is immutable, so it's impossible to alter data in the system. All data is stored in blocks and cannot be altered or changed. The platform will also allow regulators to approve registrants, and the investor will have complete transparency and confidence in the platform.

Things To Keep In Mind

Despite the many scams and frauds that occur in the chit industry, the UMACHIT FUND is striving to overcome these with its unique platform and technology. The blockchain allows everyone to simultaneously save money and invest it. This means that everyone can benefit from the benefits of investing and borrowing at the same time. The scammers who prey on the unsuspecting public can never recover from their schemes. Chit fund companies know that poor people are not strong enough to fight against these companies and are not capable of doing so.
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Private sale soft cap: $50,000
Private sale hard cap: $1,00,000
Public sale soft cap: $2,00,000
Public sale hard cap: $4,00,000
Token price: $0.1 (equivalent in USDT, BTC & ETH)

They rely more on religion and blind belief. Therefore, the scammers can use the poor people's inexperience to their advantage. But this doesn't mean that chit funds aren't still on the rise in India.In 2013, more than 350 companies were shut down due to chit scams. This resulted in a loss of Rs 3 lakh crore. The chit fund industry is a huge scam. The nefarious companies target poor people with the promise of higher profits. The Managing Director of Uma Chit Fund P K Chandrashekar Babu's company, Vanitha Babu, was a prominent figure in the chit scams.

Missions Of Uma Chit Funds

The Uma Chit Fund is trying to overcome these scams by using analytics. The fund's analytics can analyze the commitments of chit subscribers across registered chit funds. This can help a company gauge the risk quotient of potential subscribers. These insights can help the company better manage chit. The aim of this organization is to increase the number of people who are willing to invest. The UMACHIT FUND is working to overcome these frauds and scams by providing investors with an alternative to chit funds. However, a chit fund cannot fully overcome a chit scandal. In this context, an independent chit fund is essential to ensure that the money is safe. The funds are a great way to increase your savings.The Uma Chit Fund's efforts are aimed at preventing scams in chit and avoiding the spread of fraudulent companies. The WB government closed down the offices of Saradha in Kolkata after the CIS scam in 2013. As a result, the Oma Chit Fund is trying to protect the rights of chit investors.In an effort to combat chit scams, the Uma chit fund is attempting to overcome the chit frauds that take place in the statewide chit sector. The organizers and subscriber details are verified by the chit fund scheme. The funds are often targeted by scam artists in order to gain an edge over competitors.

UCF will try to keep our participants/chit holders as close as possible by keeping complete transparency and attending personally to any chit holder having problem/issue with the platform. A survey form will be sent to each chit holder on their dashboard after the end of every successful chit round to get genuine reviews about the chit schemes, platform and if any updates are needed. This will enable us to meet the demands of the chit holders by implying necessary changes onto the platform for ease of access and convenience. Customer Satisfaction We strive to provide the most advanced user interface to the users of our chit groups. Each user would have a real time update regarding their chit purchase, upcoming or pending EMI’s, actual benefits in the form of dividends (excluding the foreman charges), borrower’s limit for each month, etc.

Details Below

Website:https://umachit.fund/
Reddit: https://www.reddit.com/user/UmaChitFund
Telegram: https://t.me/umachitfund

Hashtags: #umachitfund #startup #blockchain #ethereum #chitfunds

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