Thursday, 15 June 2017
BOT, CMSA WARN THE PUBLIC AGAINST PYRAMID SCHEME OPERATED BY D9
The institution, which is selling its share to the public, is operating in the country illegally, according to the BOT and CMSA.
Dar es Salaam. The Bank of Tanzania (BoT) and the Capital Markets and Securities Authority (CMSA) have warned the public over pyramid scheme operated by an institution known as D9.
The institution, which selling its share to the public, is operating in the country illegally, according to the BOT and CMSA.
“What D9 is doing is a pure pyramid scheme something, which is against the Criminal Act 16 (171 A, B and C),” noted a part of a joint-statement released by BoT and CMSA.
In the statement the two authorities said D9 doesn’t explain how people will benefit after they purchase its shares.
“In this regard, it is high time you stayed away from the scheme,” read part of the statement.
In the statement BoT and CMSA urge wananchi to report to the authorities, whenever D9 officials try to convince them to join the pyramid scheme.