The first IILF Wealth Mumbai Junior and International Open Chess Tournament is scheduled to be held in Mumbai from January 28 to February 5.

With a record prize fund of Rs 7.5 lakh (or USD 12000) for the juniors (under-13), it is all set to be recognised as world's richest tournament for juniors - surpassing the Dubai Junior Chess Championship, which has prize pool of USD 10,000, a media release said on Saturday.