Hargeysa, Somaliland, February 21, 2009 (SL Times) – A large number of women in Somaliland fell victims to what seems like a pyramid scheme or ponzi. The fraud perpetrated on Somaliland’s women came to light when the people in charge of the company running this scheme suddenly disappeared from Somaliland’s capital city, Hargeysa, without a trace. Based on initial reports the way this con-game worked was that women would be asked to deposit money with the fund managers who will give monthly pay back calculated on the basis of the amount of the deposit. It is estimated that Somaliland’s women were defrauded of close to a million dollars.
Somaliland’s Minister of Interior, Abdillahi Irro, said that 14 people who were part of the ring behind this scheme are under police custody but the masterminds are still at large. Irro added that his ministry will continue working on apprehending the culprits and requested anyone who lost money to this company to report it to the police. As a result the number of women who are reporting being defrauded is rising.


 

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