A Colombian business and commerce regulation body warned on Monday against six firms accused of running an online pyramid scheme, reported Bogota-based Radio Santa Fe.
The Financial Superintendent, the regulatory body operated by the Ministry of Finance in charge of monitoring business dealings, announced that the six firms are accused of luring potential victims online through an “entry fee” of COP50,000 to 200,000 ($26 – $104) and promising interest rates exceeding 100%. Participants are then told to invite two or more people to join the scheme.
Companies suspected of running pyramid schemes
The fact that these organizations demand money from citizens without any information on how to physically or indirectly contact a person, they operate exclusively through e-mail and online, reported Colombian business magazine Portafolio.
Money-grabbing schemes have been reported before in Colombia, including a Ponzi scheme that stole over $400 million through the company DMG. The head of the company, David Murcia, was sentenced to nine years in a Florida prison for his actions.
The Superintendent added that Colombians should be aware of where they deposit their money, and to only do so through entities approved by the Superintendencia.
- Superfinanciera prende alarmas por seis nuevas pirámides (Radio Santa Fe)
- Superfinanciera lanza alerta por 6 captadoras ilegales (Portafolio)
- Superfinanciera alerta por firmas que NO están sometidas a su inspección, control y vigilancia y tienen características de esquemas piramidales (Superintendencia Financiera de Colombia)