Pyramid scheme is illegal: Koya
March 23, 2021 4:55 pm
Minister for Commerce and Trade, Faiyaz Koya
Pyramid scheme in Fiji is illegal.
Minister for Commerce and Trade, Faiyaz Koya says those found organizing or participating in such schemes can be charged.
Koya says the Ministry is aware of the challenging times faced by the people, but this should not let others prey on individuals who want quick cash dealings.
“Pyramid schemes or community gifting circles make virtually all the profits from signing up recruits and giving the allusion that it will allow you to make some high returns from your high investment, they are not only illegal, it’s a waste of money and time.”
Koya says some groups have names that could lure people to participate and Fijians must be aware of this.
“Pyramid schemes in Fiji are now being labelled as gifting circles and community giving or gifting, the road to participating in these schemes is often pave with some sound intentions and clever branding like Women Empowering Women or circle of friends or secret system and its actually call a gifting circle and it does not make it on and I am stressing it again that it is illegal.”
The Minister is warning once the scheme collapses, people will lose their hard-earned money.
“To all Fijians, I am resonating what the consumer council previously warned everybody about that such schemes will destroy the knitted fabric of our society. A lot of people are convinced by such scams but they will only start to complain when the payback vanishes.”
The Ministry is urging all Fijians to be careful with such quick cash deals and call the Consumer Council on 155 for more queries.