Saturday 24 October, 2020

Security minister warns: ‘That is not a sou-sou'

A home in La Horquetta where police searched and found $22 million.

A home in La Horquetta where police searched and found $22 million.

Minister of National Security Stuart Young is warning those tempted to join recently formed and alleged ‘pyramid schemes’ against calling it a sou-sou. 

Speaking at the post-cabinet media briefing today, Young said that he’s been keeping up with the national conversation.

“It doesn’t matter what you call a pyramid scheme. We all know in Trinidad and Tobago parlance, what a sou-sou is. So, they may call a pyramid scheme a sou-sou, but it is not a sou-sou,” he said. 

Young added that there have been various warnings against getting caught up in such a scheme, but noted that many have still fallen prey. 

“You all would have seen the two regulators come out within recent weeks, warning the population. The commissioner of police recently joined it as well, warning against what are known as pyramid schemes. So, you had the Trinidad and Tobago Security Exchange Commission, as well as the Central Bank warning the public against getting caught in a pyramid scheme,” he said. 

The minister said even though it may seem strong now, schemes that promise exorbitant payouts in return for small ‘investments’ are designed to fail. 

“A pyramid scheme is fraud. A pyramid scheme is designed to collapse at some stage,” he added. 

After issuing another warning, Young noted that Commissioner of Police Gary Griffith is conducting an investigation into the matter, including the decision of police officers to release $22 million back to the accused schemer. 

Nine people were arrested after the $22 million was seized on Monday. Eight of those nine were subsequently released.

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