Home Business and Technology Swindled pyramid scheme investors paid back

Swindled pyramid scheme investors paid back

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Invested in pyramid schemes guised as village banking groups have been paid back about K11.5 million.

This is in connection with the arrest of seven directors for money laundering and conducting financial activities without a licence.

Minister of Home Affairs Stephen Kampyongo said in a ministerial statement yesterday that companies involved in the money laundering scheme include Ono Savings and Credit Association, which received over K22.5 million from unsuspecting members, while Consave Credit Union collected over K46.8 million.

After the Drug Enforcement Commission (DEC) seized money from the suspected fraudsters pending prosecution, it has paid out K9.5 million to 3,766 investors against K46 million received from Consave.

The reimbursements were made between January and February this year after the parties involved in the case opted to resolve it outside court.

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