News

Funds run dry

The 17 year-old daughter of a man in Karnataka has filmed her father on her mobile phone as he hanged his 12 year-old son from a ceiling fan. The 45 year-old man reportedly also murdered his wife. The man is thought to have done the murders because he had run up insupportable debts. He ran a “chit fund” scheme – a micro savings project common in India in which one person has a chance of winning a large amount, but one with huge risks of defaults – about a third of such schemes are thought to suffer from defaults.