CASTRIES, St. Lucia, CMC—Police say they’ve detained a number of folks following an islandwide raid earlier this week, carried out in collaboration with the Monetary Intelligence Authority (FIA), as they search to uncover these behind the Creators Alliance funding scheme.
The police haven’t disclosed the identities of these detained throughout the raid.
The authorities mentioned that the operation marked the end result of months of investigations by an inter-agency job power comprising the FIA, the Main Crime Unit of the Royal St. Lucia Police Power (RSLPF), and the Monetary Providers Regulatory Authority (FSRA), into the suspected pyramid funding scheme.
The scheme is believed to have been working each domestically and regionally from as early as June 2024. It ended abruptly in March of this yr, leading to substantial monetary losses to 1000’s of buyers right here and throughout the area.
The authorities are reminding the general public to train prudence and keep away from investing in unregulated or suspected pyramid or “Ponzi” schemes, which usually end in monetary loss to the buyers.
In addition they remind the general public of part 126 of the Shopper Safety Act, which makes participation in a “pyramid promoting scheme” a prison offense punishable by fines of as much as EC$5000 (One EC greenback = 0.37 cents) and/or imprisonment for as much as two years.
