Pyramid scheme smashed

PUBLISHED : Thursday, 17 December, 1998, 12:00am
UPDATED : Thursday, 17 December, 1998, 12:00am

A pyramid-selling scheme in which members paid money into each other's bank accounts has been uncovered by police.

Police said the promoters, who were first in the pyramid, stood to make a lot of money from members, who had to pay a $65 joining fee.

Six women and two men aged from 26 to 54 were arrested at a promotion seminar in Tsim Sha Tsui.

Members were given cards bearing six bank account numbers and a space for a seventh. They deposited $25 into each of the accounts and put their own number in the seventh space. The company claimed members would earn $2.4 million when their number reached the top.

The arrested group was still being held last night.