Plea for crackdown on pyramid schemes

The gardaí were today urged to launch a massive crackdown on pyramid schemes which have cost Irish people millions of euro.

A member of the Dáil Justice Committee said there has been an upsurge in the get rich quick schemes in recent months and people throughout the country have been targeted.

Dublin South West TD Charlie O’Connor said those running the scams must be put out of business by gardaí.

“I have raised concerns about the scams directly with my colleague the Minister for Enterprise who has confirmed to me that a crackdown is on the way,” he said.

“While pyramid schemes were outlawed under laws in 1980, schemers have got around the law by rebranding recent scams as "gifting schemes".

“It is important that this loophole is closed before more people are cheated out of their hard earned cash.”

The Fianna Fáil TD said many investors in one particular scheme have been left out of pocket to the tune of €5,000.

“It is clear that those behind such scams have modified their approach and are constantly looking for new ways to trick unsuspecting members of the public,” he said.

“The law must not only keep pace with these new tricks but should ideally be one step ahead of the conmen.

“The minister has confirmed that he is formalising arrangements to close any loopholes.

“As a member of the Dáil Justice Committee I will also be working with senior gardaí to ensure the force is given every resource to enforce existing and new laws.

“What has been happening is nothing short of robbery and must not be tolerated,” he added.