Central Bank Uncovers 120 Ponzi Schemes

25 November 2016 (13:20)

UrBC, Moscow, November 25, 2016. Russia’s Central Bank detected and eliminated some 120 pyramid schemes in the three quarters of the year, banki.ru refers to Head of Central Bank’s Open Market Fraud Prevention Administration Valeriy Lyakh as saying.

‘Around thirty schemes were uncovered in the last three months and perhaps about 120 since the start of the year,’ he said.

The damage has been estimated at 40,000 to 80,000 RUR per every deluded investor on average. The number of victims varies from constituency to constituency, Lyakh said, and comes to between 100 and 150 people.

Lyakh also added that Central Bank was working on the so-called financial risks map that would present a graphic display of Russian federal constituencies ‘colored in different shades of white’ depending on the likelihood of pyramid schemes and frauds on the local financial markets.

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