Appropriate usage of Vocabulary

1.    Lure-Nirmala Sitharaman said investors should do their due diligence and should not be lured by claims of lucrative returns made by Ponzi apps.

 

2.    clamp down and gullible: Union Minister Nirmala Sitharaman on April 23 said the Finance Ministry is working with MeitY and RBI to clamp down on Ponzi apps to prevent them from taking away hard-earned money of gullible investors.

 

3.   Asserting: Asserting that investors should be cautious of influencers, she said if there are three or four people giving us very objective good advice, there may be seven others out of 10 who are probably driven by some other considerations.

 

4.   Enact: In 2019, the government enacted a law called the Banning of Unregulated Deposit Schemes Act, 2019, which looks to prevent unregulated entities from collecting deposits and duping the poor and gullible of their hard-earned savings.

 

5.   Menace: It seeks to help tackle the menace of illicit deposit-taking activities in the country, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned money, according to the government.