customers get money back
Some customers of GoldQuest's controversial network marketing scheme,
who have not received gold coins and those whose cards have been
used by third parties without their knowledge, have begun getting
their money back after complaining to the credit card issuer.
have about 120 days to dispute their transactions, and we have refunded
the money where customers have disputed the transactions,"
an official of a leading card issuing bank said.
credit card holders, who are under investigation by authorities,
have claimed their cards were used without their knowledge by third
parties. GoldQuest customers who have not received their products
as well as those who have found that their cards have been used
without their knowledge by third parties have started to ask for
and get their refunds.
officials say the rules that apply to face-to-face transactions
do not apply to e-commerce transactions and such transactions can
be disputed 3-4 months after they are made.
goods have not been delivered to the customer, card holders have
been generally advised by the bank to contact GoldQuest, but if
they do not respond favorably, refunds have been made.
is the normal practice in e-commerce transactions," the official
said. Customers began having second thoughts about their investments
after The Sunday Times FT and Lanka Business Report television in
a joint investigation revealed the dangers of investing in such
easy money making schemes.
Athula Lankadeva, the senior Customs officer who was investigating
GoldQuest gold coin imports, fled the country for Australia after
receiving death threats. (See story in main section)
Central Bank's Department of Exchange Control is considering penalties
to be imposed on those who have misused credit cards to buy products
from GoldQuest. Nearly a thousand show cause letters have been dispatched
by the Central Bank to participants in GoldQuest's controversial
gold medal sale programme, who have misused their credit cards to
send money out of the country. The regulator has received 600 replies.
90 percent of the respondents are appealing for an extension to
reply and the balance have accepted the offence," L.Y. Dharmasena,
Additional Controller of Exchange said.
government last week strongly condemned pyramid schemes, promising
quick Cabinet approval to draft anti-pyramiding legislation. The
Cabinet discussed amendments to the Banking Act last Wednesday.
Minister Sarath Amunugama told The Sunday Times FT the amendments
will be presented to parliament soon. "It will be brought in
as an urgent Bill," he said.
earlier told a news conference that the government was warning the
public not to invest in pyramid schemes."$30 million has flown
out as a result, and we want to say very seriously that the public
should not get involved in these fantasy schemes," Amunugama
it plays on the gullibility and greed of people who want to make
money without the entrepreneurial spirit. Without working hard for
it, they want to find big money, and they find that they have gone