Pyramid Schemes

Feb 29, 2008 (LBO) – The Central Bank Friday warned that new ‘pyramid schemes’ that have been banned are making an appearance in different parts of the country. Those taking part in such schemes are in danger of losing their money and are also committing an offence under the banking law, it said in a statement.

It rejected claims that it said were being made in pyramid scheme ‘classes’ that they are approved by the central bank and said those making the claims would be brought to justice.

The Central Bank said it was investigating new complaints of classes being conducted in certain parts of the country to promote or introduce pyramid and pyramid type schemes and trying to identify those responsible.

“The public are once again cautioned that they must not, in any way, participate in such schemes since these are prohibited,” the statement said.

“Persons who participate in such prohibited schemes would commit an offence punishable under the Banking Act. In addition, persons participating in such schemes would lose their hard-earned money.”

It asked the public to inform the Central Bank if they come across any suspicious schemes and indica