Gemini Chit Fund 2

The chit fund industry was in the early 70s dominated by Gemini Chit Fund with its office at People's Park Complex.

However, the whole industry came tumbling down in 1973 when Abdul Gaffar Mohamed Ibrahim, founder of Gemini Chit Fund Corporation Ltd was found guilty of 3 charges of criminal breach of trust involving $3.2 million. He was sentenced to life imprisonment. (I understand that the prison practice at that time was to treat the sentence as one of 20 years instead of the natural life of the prisoner. In other words, after 20 years jail, he would be released).

The total loss from the chit fund fraud was estimated at $50 million. In today's monetary terms, I would not be surprised if the equivalent sum would be between $250-$500 million.