NICOSIA – A warning over pyramid schemes operating in Cyprus was issued on Wednesday by the Consumer and Competition Agency.
The agency is currently investigating several suspected pyramid schemes that involve companies enrolling members of the public into a scheme which sells coffee, juice, and water machines as well as holidays.
“Many of these schemes ask for a down payment or subscription fee and attempt to lure without presenting any of the actual monetary risks involved.”
The agency described a pyramid scheme as an unsustainable business model that involves promising participants’ payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public.
Members of the public are urged to call the Consumer and Competition Agency on 22867 232 or 22 867108 to report any suspected pyramid schemes.