Ponzi Track

(L-R) MD & CIO of Global Business at KRX Doyeon Kim, President & CEO at KRX Sangwan Ahn, KRX Chairman Jiwon Jung, CSE Chairman Ray Abeywardena, SL Ambassador to South Korea Manisha Gunasekara, CSE CEO Rajeeva Bandaranaike, CSE Head of Finance and Administration Kusal Nissanka

Oct 29 (LBO) – Police have sought advice from the Attorney General on how to proceed in getting international help to track down two Indian nationals who ran a Ponzi-style pyramid scam in Sri Lanka. The unit was recently disbanded under controversial circumstances sometime after it caused the arrest of several Goldquest activists with the scheme experiencing a revival in remoter areas of Sri Lanka.

In 1996 and 1997 pyramid and Ponzi schemes proliferated in Albania with their operators having close links to the political establishment, and their collapse led to an overthrow of a government.

.

Mt. Lavinia police have so far registered the complaints of more than a thousand victims, while thousands more are lining up tell their tale of woe.

According to receipts issued by the operators of Seagullsoftwares office in Mt. Lavinia, at least 14,000 had paid to join the Ponzi-style pyramid scheme, police said.

A Ponzi is a variant of a pyramid scheme which offers high returns to people who deposit money.

But the payments are not actually met from the underlying business, but from deposits or fees of those who join the scheme later.

Such scams are named after Charles Ponzi, a