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Tue, 25 Nov, 2014 12:09:11 AM FTimes - STT Report, Nov. 25  National Bureau of Investigation suspects Emgoldex company engaged in a pyramid scheme in Finland. Emgoldex.com website portrayed in Helsinki on Monday. Photo – Lehtikuva. The National Bureau of Investigation (NBI) suspects the online gold shopping portal Emgoldex of running a pyramid scheme in the country.
The police have warned that people involved in the company’s operations may be questioned on suspicion of fund-collection crimes.
A pyramid scheme is designed to raise money from payments made by subsequent participants in the network, and also from earlier participants.
The company has claimed to be involved in gold trade and storage of gold in Germany, but the police have said the existence of gold stocks has not been confirmed.
An international search warrant has been issued for the organiser of the company’s operations in the country, but so far the person has not been reached.
For the time being, no Finnish client is suspected of any crime.
The police have interrogated a number of people in Southern and Central Finland, some of whom have invested money in the company.
According to the lead investigator, Erkki Ross, it is difficult to assess how many people in the country have been involved in the operations.
In February, the representative of the company told YLE that Emgoldex has about 2,000 Finnish customers.
According to NBI, the company is headquartered in Dubai. The company has a virtual office in Germany where secretaries answer telephone calls and e-mails in the name of the company.
According to Jouni Laiho, head of lotteries at the National Police Board, a US agency has examined the company’s operations and considered it a prohibited pyramid scheme. NBI began the investigation following a request from the National Police Board.
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