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| Picture: luctheo/Pixabay |
Johannesburg - At least 17 people have been arrested in
Burundi's largest city Bujumbura over a Ponzi scheme, online publication
RegionWeek reported.
It quoted the spokesman for the public security and
disasters management ministry, Pierre Nkurikiye, as saying a probe into the
company behind the scheme, Crowd1, was underway.
Crowd1 hit the headlines in Burundi recently when it
launched a scheme which offered participants dividends for recruiting new
investors.
Nkurikiye expressed concern that Burundi nationals kept
flocking to such schemes which made false "get-rich-quick" promises,
despite regular warnings from the government.
Representatives of such scheme deny accusations of
fleecing the public of their money, arguing that they offer a platform for
genuine network marketing.
Burundi's central bank has already issued a warning that
the the activities of companies trading in virtual currencies such as Bitcoin
are illegal.
"Since virtual currencies or cryptocurrencies are
not regulated and are not issued or guaranteed by any government or central
bank, these currencies have no legal tender in the territory of Burundi,"
it said in a statement posted on its website.
"In this regard, the Bank of the Republic of Burundi
reminds the general public that no entity or financial institution is currently
authorized to offer remittance or other payment services using a virtual
currency such as Bitcoin, Ether, Litecoin, Dogecion, Onecoin, BTC, Fahari Cash
Coin, Ello Cash Coin and other similar products."
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