Maldives Monetary Authority (MMA) has issued a caution regarding a very popular nationwide Ponzi scheme being done via Social Media channels.
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from legitimate business activity, and they remain unaware that other investors are the source of funds.
The ‘Forex Trading’ company claims that investors can earn ridiculous amounts of profit within a short period. The Ponzi scheme is currently worth around MVR 30 million according to sources.
MMA has not revealed the identities of the people involved in the scam but has requested banks to take action against the company. It is rumored that the scam is being done by a famous politician’s company.