Net closes on €12m pyramid scheme

GARDAÍ have asked the Director of Public Prosecutions to examine the legality of a pyramid scheme into which millions of euro has been invested.

The Revenue Commissioners also confirmed that officers have the power to investigate the movement of money in and out of the State by those involved in the scam, which has spread to Cork, Kerry, Limerick and Clare and involves thousands of investors. Gardaí estimate up to €12 million has been invested.

If the DPP decides the scheme contravenes the Pyramid Selling Act 1980, prosecutions of those involved in canvassing others to join may follow. Gardaí said that as yet no names of individuals involved in the scheme had been forwarded to the DPP, but it is understood a full file is being prepared, pending the DPP’s advice.