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| Wednesday, 30 June 2004 |
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by Shirajiv Sirimane Exchange Controller H. A. G. Hettiarachchi said that all those who have used credit cards to make third party purchases for gold pyramid schemes would be penalised which may result in their credit cards being suspended. Hettiarachchi, who was addressing a media briefing at the Central Bank yesterday said that over 4,000 people have used their credit cards to make third party purchases for these pyramid schemes. The offending credit card holders would be forced to pay three times the value of their third party payments. "We estimate that over US$ 7 million had been send to one country in this year, under this pyramid scheme," he said. Under the Foreign Currency Exchange Act it is an offence to send money in this manner. These card holders have also illegally transferred Sri Lanka rupees to US dollars for overseas operations. He said that if a person had made direct payment for this pyramid scheme through their own credit cards they would not be penalised. He said the Central Bank has sought legal advice in this regard. Hettiarachchi also said that an Act would be brought in Parliament to stop this scheme and they would also explore the possibility of penalising the foreign company. Severe action would be also taken against Bank officials who have promoted this scheme. |
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