ISSN: 1391 - 0531
Sunday, September 24, 2006
Vol. 41 - No 17
 
 
Financial Times

Central Bank says still pursuing GoldQuest, pyramid schemes

The Central Bank has rejected claims that ongoing investigations on controversial pyramid and multi-level marketing schemes have been discontinued and that any illegal activity would be left unchecked is misleading.

It was responding to reports in newspapers that the investigations have stopped essentially due to the alleged involvement of Central Bank Governor Nivard Cabraal in the GoldQuest scam.

The Bank said its Special Investigations Unit (SIU) was established in 2005 to deal with investigations on unauthorized deposit soliciting institutions and pyramid and multi-level marketing operations that were spreading in the country. Three Investigating Officers were released by the Police Department at the time of setting up this unit to facilitate these investigations. “After a year of operations, the IGP has requested that these officers be released so as to revert them to their substantive duties in the Police Department in view of urgent national needs. Consequently, the on-going and pending operations of the SIU have been handed over to the respective departments in the Central Bank. Such departments will continue to handle these operations with the assistance of Police investigation units, whenever found necessary. Accordingly, the administrative restructuring arising out of the release of the Police officers would in no way jeopardize any on-going investigation, nor would it dilute the commitment of the Central Bank in its efforts to effectively deal with unauthorized deposit soliciting or multi-level marketing and pyramid operations,” the statement said.

 
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