22 May 2019

New Caledonia ponzi scheme busted

5:59 pm on 22 May 2019

A 73-year-old woman has been jailed in New Caledonia as investigations continue into a huge ponzi scheme.

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Photo: 123rf

Media reports said the woman ran a vast network which accumulated about $US10 million that was transferred to Vanuatu.

The reports said the scam ran for two years and involved people buying into a fictitious process to secure the release of the inheritance of a soldier, which promised to yield a big return.

Thousands of people are believed to have bought into the scam, trusting the woman as she was known for her accounting expertise in a kava company.

The reports said some people incurred debts in the expectation of a disbursement.

Her accomplices are free but are reportedly about to be charged.