19 Jan 2021

Samoa Central Bank probes alleged pyramid scheme

9:21 am on 19 January 2021

Samoa's Central Bank has issued a warning to local pyramid scheme operators that they face criminal charges if caught by a Financial Intelligence Division investigation.

The warning comes after the bank received a report of people involved in gifting and re-gifting money in a suspected pyramid scheme

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Photo: RNZ

Samoa's Central Bank has issued a warning to local pyramid scheme operators that they face criminal charges if caught by a Financial Intelligence Division investigation.

The warning comes after the bank received a report of people involved in gifting and re-gifting money in a suspected pyramid scheme.

A number of sources said people had also been asked to invest $US25 and in 10 days they would receive $75 with the more people registered the more money received.

A source said the scheme had drawn a lot of interest from locals.

The Central Bank has warned the scheme could end with people losing their money.