Central Bank warns of Pyramid Schemes in T&T

    Photo by Central Bank of Trinidad and Tobago

    The Central Bank of T&T says regulatory authorities are advising the public to remain vigilant and report any fraudulent activity from Pyramid Schemes to the Police Service.

    It states that a number of schemes are currently being heavily marketed to nationals through online chat groups, via virtual meeting platforms and by direct face-to-face contact.

    Pyramid schemes may take many forms and are often falsely presented as new investments including different types of securities, foreign currency trades and even traditional “sou-sou” arrangements.

    The Central Bank says schemes outside of regulated financial facilities, such as pyramid schemes, promising exorbitant cash pay-outs pose a serious risk to those participating including loss of their hard-earned money.

    In addition, recipients of these funds may not be able to determine its true origins, which may be from illicit sources.

    It advises persons to avoid pyramid schemes.