News

POLICE IN Guyana are investigating claims from more than 300 people who were reportedly fleeced in a Ponzi, or pyramid type investment scheme.

Hundreds of the ‘investors' descended on City Hall in Georgetown, Guyana's capital, last week, demanding the return of their money.

PROMISE

They told police the scheme operators had promised to pay them 35 percent monthly

returns on a vegetable export business to Antigua.

Guyana's Stabroek newspaper reported that the investors said they were told in

December that the rate of return paid would drop to 20 percent because the business

was affected by the global financial crisis.

But the investors have received no payments since January, the newspaper said. Some claim to have invested as much as GYD11 million (£26,565) in the scheme.

Published: 16 March 2009
Issue: 1363