The Financial Intelligence Unit (FIU) has received reports that more than a dozen pyramid schemes are operating here, cheating Guyanese of their hard-earned money.
The Director of the FIU, Mr Matthew Langevine, said that the organizations operate various types of unauthorized and unlicensed financial activities, with the intention of deceiving people.
“You know in Guyana, we’ve had big pyramid schemes being identified, so the FIU has been actively involved with other agencies in terms of understanding and knowledge of how much money is involved. , the individuals involved and financially supporting the investigations. data, ”said the FIU Director.
Mr Langevine said that some of the proposals proposed by the operations were, “not practical, not reasonable and we believe it was all in an attempt to defraud individuals of their hard currency.”
He added that the FIU was actively involved in supporting all the different investigations.
“[W]I believe that we have had a lot of success in that regard and we might have helped reduce the number of losses people were likely to have had there not been a very proactive and consistent effort by law enforcement. “
The Attorney General Chambers has been pursuing justice for thousands of Guyanese trapped in a local Ponzi Scheme operated by the Accelerated Capital Company Incorporated (ACFI).
The Government, in August, received thousands of complaints from citizens, after being stripped of their savings. In a police investigation, the operator and his wife were arrested and charged with over 30 counts of fraud.
Attorney General and Minister for Legal Affairs Anil Nandlall, SC, recently said that the Government will strengthen laws to combat investment fraud, as the lack of this legislation has affected the prosecution of operators of the largest Ponzi scheme country.
Mr Langevine, meanwhile, said the FIU has also reported the use of social media platforms like WhatsApp and Facebook by people to scam others.
“Because of the pandemic, I think people are more inclined to be at home and use those types of platforms and so criminals have been seeing that as an opportunity for individuals and have been reaching out to individuals and have been orchestrated from all sorts of financial scams, “he said.
The FIU has been cooperating with organizations regionally and internationally to deal effectively with the threats it faces, he said.