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13. In this case if the agreement to pay subscription, to what is clearly an illegally run chit fund, is upheld, that would set a dangerous precedent and thereby incentivize the running of such schemes which are of course fraught with attendant risks as highlighted above and defeat the salutary policy behind the Chit Funds Act. I hasten to add that apart from offering absolutely no investor protection. Such non regulated finance pooling schemes, often degenerate into Ponzi schemes thereby causing immense monetary loss to the naive public as apparent from flood of such cases in the past. This also renders all the money involved beyond the pale of tax authorities and thereby exacerbates the problem of black money. All this unaccounted wealth then becomes part of a parallel underground black economy. This non taxed money may then be laundered for criminal purposes and also deprives the country of a useful source of revenue, so imperative for the developmental needs of a country such as ours, which has the mandate of wiping every tear from every eye by ensuring equitable growth and socio-economic welfare measures for the least privileged by wealth re-distribution and progressive taxation. This is the larger social context in which the present order is being passed. The Chit Sunita Chaudhary Vs. Samir Bhasin 26 of 27 Funds Act has been seldom invoked, the law sleeps while illegal chit funds like the present one flourish. Not anymore.