Public should be wary of pyramid schemes

Editor,I am kindly appealing to the Rwanda National Police, BNR and the Ministry of Finance to quickly investigate pyramid schemes in the interest of the citizens.Please look into the matter and let the public know the outcome of the investigation. People are dealing with many companies unknowingly. Please help us identify which ones are genuine. Robert, Kigali, Rwanda*************************Check if the company is not practicing money laundering. The Ministry of Finance, through National Bank of Rwanda, should critically review that company and ascertain if their business is operated as per the original purpose of its registration with the Office of Registrar General.How do they pay taxes? I don’t think doing money business is acceptable without permission from the national regulator of Finances which is the National Bank of Rwanda in this case. It has been observed people who do not think twice before releasing their money without proper scrutiny lose out.Police should do their job.Jack Nyangezi, Kicukiro, Rwanda*************************Pyramid scheme is a fraudulent business model that promises individual investors high returns for enrolling other people into the scheme. The new participants’ deposits are paid to the recruiter to the tune of 90%. They in turn recruit others and wreck in the same type of phenomenal returns.Ultimately, the pyramid collapses under its weight when recruits start running low and the last investors lose out. This scheme has been banned in most countries including Hong Kong.The Diamond Holiday schemers ought to be electronically monitored during the course of investigations by using GPS ankle bracelets to keep track of their movements before people are ripped off and the offenders vanish in thin air.Muhamud, Kigali Reactions to the story, “BNR orders probe into Diamond Holiday business”, (The New Times, May 16)

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Public should be wary of pyramid schemes