In Summary
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.
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