Sri Lanka to restart anti-pyramid unit
Nov 03, 2016 05:57 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's central bank will re-start an anti-pyramid unit amid rising activities of pyramid schemes, Central Bank Governor Indrajit Coomaraswamy said.
The Special Investigation Unit was set up in 2005 to primarily combat the GoldQuest pyramid scheme, backed by police investigators, but was shut down during the ousted Rajapaksa regime after the arrest of several upliners.
Governor Coomaraswamy said a request had already been sent to the ministry of national policies regarding the matter.
He said an increase in pyramiding activity had been observed in recent months.
Sri Lanka shut down GoldQuest and QI pyramid schemes with a new anti-pyramiding law, which made it a crime to either promote or participate in multi-level marketing schemes that operate on a chain letter or pyramid structure involving bringing in new recruits. (Colombo/Nov03/2016)