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Zambia's central bank warns against pyramid schemes

Xinhua, August 11, 2016 Adjust font size:

Zambia's central bank on Wednesday warned companies and individuals conducting pyramid schemes that they risk being arrested if they don't stop.

The Bank of Zambia (BoZ) has also advised members of the public to refrain from taking part in unauthorized money circulation schemes as this was against the law.

The central bank said it had continued receiving reports that companies and individuals not licensed were receiving money from unsuspecting members of the pubic under false pretense.

"The central bank wishes to warn the public to refrain from and report any pyramid or money circulation schemes that are operating under the pretense of authentic get-rich-quick schemes to deceive the public," the public relations department of the central bank said in a statement.

A pyramid scheme is a business model that recruits members through a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services.

Provision of pyramid schemes is prohibited in Zambia. Endit