Pyramid schemes flagged in Guyana

Guyana’s Financial Intelligence Unit, FIU, has received reports of more than a dozen pyramid schemes operating in the country, defrauding Guyanese of their hard-earned cash.

According to FIU Director Matthew Langevine, the organisations are operating different types of unauthorised and unlicensed financial activities, intended to defraud persons.

“You know, in Guyana, we have had major pyramid schemes being identified, and so the FIU has been actively involved with other agencies in terms of getting an understanding and information regarding the amount of money involved, the persons involved, and supporting the investigations with financial data,” he said.

According to Langevine, some of the proposals offered by the operations “are not practicable, not reasonable, and we believe that it is all in an effort to scam individuals of their hard-earned currency”.

– CMC