Business News
Police raids in Germany in worldwide pyramid scheme probe
Nov 29, 2011, 19:28 GMT
Dusseldorf - Police in Germany raided several homes and offices countrywide as part of an international investigation into a pyramid scheme that netted 100 million euros (130 million dollars) in Germany alone, prosecutors said on Tuesday.
Three people were taken into custody during the raids on 13 premises in Germany which were carried out by 123 police on Monday.
Police set up a hotline for the estimated 4,000 German individuals who are believed to have fallen victim to the New York-based Business Capital Investors (BCI).
Prosecutors in Dusseldorf said similar raids were conducted in Switzerland, Lithuania, Spain and Canada to gather evidence against the group, which had lured investors with promises to pay 15.5 per cent in annual interest.
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