Protect Yourself and Your Money From Ponzi Schemes

In a statement released by the central bank, Maldives Monetary Authority has noted they received information about schemes being carried out on Facebook and Telegram.

These schemes are run under the ruse of an investment, where one can gain a large amount of money very quickly, so fraudsters can steal money from them. And so, the MMA is heavily cautioning the public about these schemes, commonly known as Ponzi Schemes.

“People carrying out such schemes, the money is taken from the public, instead of investing it, they spend it on personal uses,” the statement had read.

These schemes are highly unreliable, as the existing investors in such schemes will be paid with funds collected from new investors, and even then, many investors will not get their money back at all.

MMA is stressing the fact that these schemes cause huge financial losses to many people and so, to stay away from them.

“Therefore, we urge the public to be cautious regarding such schemes, and not take part in them,” the statement read.