Scam Jam

Though the Gold Quest scam seems to have collapsed in Sri Lanka, anti-pyramid activists are warning that new network marketing scams with other products will start again soon. Though the Gold Quest scam seems to have collapsed in Sri Lanka, anti-pyramid activists are warning that new network marketing scams with other products will start again soon. Meanwhile, Central Bank says new laws will allow them to punish network marketers who operate fraudulent endless chains.

Central Bank says the Gold Quest pyramid marketing scheme, which siphoned off US$ 15 million is illegal under the new Anti-pyramiding Law.

Any bank remitting money to Gold Guest is likely to face severe strictures, the bank says.

“Payment in foreign exchange which is done only through credit cards went through the banking system. There will be heavy strictures on banks found facilitating this transaction,” says Joan de Zilwa Director, Bank Supervision Central Bank is now investigating several pyramid-like schemes.

A South Asian Association for Regional Cooperation (SAARC) Finance conference that concluded in Colombo also found pyramid schemes were operating in other countries in the region, inc