Title: Alert Sounded in Seychelles over Pyramid Selling Schemes amid Covid-19 Economic Uncertainty
Rise of Pyramid Selling Schemes in Seychelles during the Covid-19 Pandemic
Amidst the global economic downturn caused by the Covid-19 pandemic, fraudulent activities, including Pyramid Selling Schemes (PSS), have resurfaced in Seychelles, disguised as legitimate multi-level marketing companies.
A pyramid scheme is a deceptive model of generating income that relies on endlessly recruiting new participants rather than the sale of products or services. Those at the top of the scheme make substantial profits from new recruits’ ‘investments.’ This unsustainable system ultimately collapses as the recruitment pool dwindles.
Fair Trading Commission’s Warning against Pyramid Selling Schemes
The Fair Trading Commission (FTC) in Seychelles has issued a stern warning against Pyramid Selling Schemes and commended the efforts of vigilant locals who have reported such schemes. The FTC reiterated that Pyramid Selling is a prohibited conduct under the Consumer Protection Act, 2010. The Commission urges consumers to exercise caution and report any suspicious activity (FTC Contact Information).
Suspicious Operations under Investigation
The FTC is currently examining the activities of two operations, International Currency Entrepreneur (ICE) and IM Mastery Academy, and announced an investigation into their promoters. The findings of the investigation will be disclosed to the public once completed.
Unlicensed Businesses: Extreme Caution
The Financial Services Authority (FSA) in Seychelles has confirmed that neither ICE nor IM Mastery Academy is registered or holds a license to operate in the financial sector of Seychelles. Consumers are urged to exercise extreme caution when dealing with unlicensed and unregulated businesses.
Reporting Pyramid Selling Schemes
If you have any information concerning the activities of ICE or related schemes, please contact the FTC:
- Email: info@ft.sc
- Phone: 4289109/4325250
- Social media platforms: Facebook & Instagram.
Contact FTC
If you wish to report any suspicious Pyramid Selling Schemes or have concerns regarding this matter, please contact the Fair Trading Commission:
- Email: info@ft.sc
- Phone: 4289109/4325250
- Social media platforms: Facebook and Instagram.