MEMEBRS of the public are being warned not to make investments in schemes that are not registered with the Trinidad and Tobago Securities and Exchange Commission (TTSEC).
This warning came from a joint advisory issued by the TTSEC, the Financial Intelligence Unit of TT (FIU) and the Central Bank of TT (CBTT), on Thursday.
Known as ‘pyramid schemes’, the release stated that these were being heavily marketed to nationals through online chat groups, via virtual meeting platforms and by direct face-to-face contact.
It added that these schemes were often falsely presented as new investments including different types of securities, foreign currency trades and traditional sou-sou arrangements.
However, it noted that schemes outside of regulated financial facilities promising large cash payouts pose a serious risk to participants as they can lose their monies.
The release warned that funds being paid out may be from illicit sources and so citizens should avoid pyramid schemes.
Members of the public are advised to be vigilant and report fraudulent activities to the Fraud Squad of the TT Police Service (TTPS) by calling 625-2310, 623-2644 or 652-8594.
An email can also be sent to fraud@ttps.gov.tt.
Entities are also asked to report any suspicious activity or transaction to the FIU.
