There could a massive probe into the number of “blessing circle” groups that were established to “help those in need” through investments ranging from $5000 to $60,000.
According to a source close to the probe, more than 30 persons came forward with claims that they were duped into investing thousands of dollars with the hope of received increased returns.
The source said from all indications, it seems that the group’s administrators are fleeing without honouring their obligations to investors. While some have benefitted from the circles, others are unlucky.
“From what we gathered it seems as though the circles are kept alive through reinvestments. Which is not occuring. Persons are investigating, collect their earnings and then leave without reinvesting. This now jeapordises the earnings of other circle members.” The source said.
The Guyana Ledger understands that several administrators were arrested. It was further noted that in most instances, settlements are arranged in order to come to an amicable solution.
“People have been successful in collecting their money so you would understand why so many people are falling victim to this. But you gotta be smarter, its money, your money, and you cant give it away with the hope of receiving more… we will be looking into all these claims.” The source said.