Trinidad: Cops seize ‘millions’ in cash and arrest 10 people in alleged pyramid scheme

At least ten people ,including  individuals identified as belonging to the Trinidad and Tobago Defence Force, have been detained and millions of dollars recovered from an alleged pyramid scheme – according to Guardian TT.

The police conducted the operation at 10am on Tuesday armed with a warrant acting on information they had received.

According to Guardian TT, investigations into the scheme revealed that individuals were required to provide 10,000 TTD  upfront and were promised 56,000 TTD in return.

Several regulatory authorities in Trinidad, including the Intelligence Unit (FIU), Central Bank of Trinidad and Tobago (CBTT) and the Financial System Regulatory Authorities had jointly issued an advisory warning members of the public against the dangers of joining “pyramid schemes.”

In recent months individual have been approached to join such schemes via social media such as or Whatsapp or even via face to face contact by certain individuals.

According to media reports the funds (22 million in total) were returned to the operators of the Scheme on Wednesday less than a day after the funds were seized.

An investigations has been launched into  why the money was returned and who made the decision as Trinidad Police commissioner Gary Griffith claims neither he nor his deputy were aware of the decision.

 

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7 Comments

  1. Jojo
    September 24, 2020

    In Dominica y not go behind those criminal govament that doing all the illegal things in da and let person run their sub

    • September 27, 2020

      Jojo, don’t you have a mind, which would give you wisdom and understanding? You claim that the (govament) which should spell (government) of Dominica are “criminals doing illegal things” I am sure that you cannot prove this–you are just repeating what you heard from your fellow enemies of the Government.

      “Let person run their sub” means that you agree with that business. Can you explain how does a person give $1000.00 to another person and that other person will return $5600.00 to the first person? Isn’t that a crime?

      Isn’t that the reason why the operator of the scheme had or has 22 million dollars in his/her position? “Let person run the sub,” you say? Who is the beneficiary?

  2. Who are the regulators?
    September 24, 2020

    Congratulations to the T & T government. They have really cracked down on crime over the past 10 years. What a turnaround in their breaking news these days!

    If a government cannot protect its citizens from financial and insurance fraudsters, who else will?

    Who is protecting the public from financial schemes, insurance companies, and other financial services’ operators which promise safe and secure returns on their premiums or investments?

    Which department of government issues the necessary licences and ensures that all operations are conducted within the law?

    • September 27, 2020

      It is clear that there was no “department of government” to issue the necessary licenses to ensure that all operations are conducted within the law”, otherwise there would be no need for an investigation to discover such a large amount of money, which definitely does not belong to the operator.

      And why would investigators cease that amount of money just to have it secretly returned to the operator? Where is the work of that such “department of government” which you claimed would cause everything to happen good and smooth?

      Congratulation T & T Government you say? What is the reason for that kind of commendation?

  3. lol
    September 24, 2020

    It so sad that most of the people that will be arrested in Dominica are Christians. they are the one pushing that blessings circle, that’s highway robbery.

  4. me
    September 24, 2020

    our police force is a PoNZIE SCHEME. no arrest lol :-o :!:

  5. Sixty four thousand per month
    September 24, 2020

    Trinidad is a real country, with a real police force, and has a real police commissioner who is noones boom boom fly.
    In Dominica many members of the failed institution called the CDPF were allegedly involved in this illegal scheme.That’s why i believe many of those political idiots referred to as police officers should be sent home. Their forte is to send out members of the “Manicou Gang” to harrass peaceful protesters.
    It’s shameful to see what the police force have become because of politics!

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