‘Iran`s Intelligence Ministry to firmly deal with pyramid scheme firms’

TEHRAN, Dec. 21 (MNA) -- The Intelligence Ministry will step up efforts to firmly deal with companies involved in pyramid schemes, an Intelligence Ministry official said.

“The ministry is making determined efforts to bust these firms in the country,” Ali Taqavi told on Monday.

Taqavi added that police and the Judiciary are also cooperating with the Intelligence Ministry in this regard.

“Busting pyramid scheme firms started last year and will be pursued more seriously this year,” he stated.

One of the most famous firms busted was Gold Quest pyramid investment company which had cheated two million people out of eight billion dollars.

Palinure, Inviting, Golden Village, FSG, and Griffin were some of the companies that were shut down in Iran.

Network marketing differs from pyramid selling (pyramid schemes) and is a financial fraud and those who deal in this kind of business can be prosecuted based on a relevant law ratified in 2006 which imposes a ban on the activities of pyramid selling companies in Iran.