This does not stop. People seem not to read newspapers, magazines and do not listen to the news to know that cases of illegal money collection through methods such as chains (with more than 20 people), pyramids, buying and selling currencies (forex) or calls to invest in real estate, livestock, bank loans, buying and selling invoices, among others, all without the authorization of the surveillance and control entities.
In Colombia, officially, since there are many other cases in which people prefer not to report so as not to be the object of ridicule or out of simple fear, during 2023, 12 measures were adopted for illegal money collection and it was ordered to return resources to those affected.
(Read: Illegal fundraising in Colombia reached $23 billion in 2023).
Camilo Torres, Director of Control of the Legal Exercise of Financial Activity of the Financial Superintendencesaid that last year 604 affected people came forward who reported having been victims of resources totaling $21.306 million.
The official said that last year there were several cases of fundraising for construction investment, especially in Boyacá. “Others claim to be forex experts and multiply the client’s resources outside the country, but this does not happen here, so they are forced to return the resources.”
(More: Details of the case against Daily Cop recruiter who reached 120,000 people).
He said that this year different modalities have been found, such as companies registered in chambers of commerce that attempt to carry out financial operations by structuring instruments such as repos, through the purchase and sale of shares, securities that supposedly acquire more value and people will become shareholders, violating the rules of the public stock market.
Financial Supervision
Financial Superintendence of Colombia
Another common element, says Camilo Torres, is that individuals who have a company established present themselves and claim to be experts in training in forex and they give the confidence that they know a lot and convince the students to give them resources.
Read: The challenges that persist in the cryptocurrency and digital finance market for 2024
“Sometimes they receive a return and then deceive with excuses such as that the resources were lost, since business is risky. That is why anyone who wants to do this is required to have authorization.“, warns the official of the Superintendency of Finance.
The figures so far this year
“In 2024, we have already taken seven measures by May and the value of those reported by 466 affected people amounts to $15,746 million“, said.
He recalled that in April of this year there was a raid that affected the north of Antioquia in Turbo and Apartadó, with a banana trading company that told people to give them money and every 25 days they would give them 25% return on the resources. “In some cases there was payment, but in the end it turned out to be a scam in which 337 people were affected with a total amount of $10 billion.
What always happens in these illegal businesses is that at the beginning they are paid while word of mouth increases the number of people who arrive and then they leave with apologies or excuses, so people should consult the Superintendency of Finance to see if the companies have legal authorization to collect money.
(Read: 15 years of Bitcoin: the ups and downs of the world’s most famous cryptocurrency).
“When people offer high returns, they should be suspicious and distrustful, but on the other side people deceive, create set-ups, rent good premises.”, Torres warns.
Financial pyramids
PHOTO: iStock
In Colombia, fundraising is only done with authorization from the Superintendency of Finance for investment funds, savings accounts, current accounts, CDT, securities funds and from banks, financing companies, financial corporations, stockbrokers, insurance companies and the solidarity sector but from their affiliates or associates.
The Superintendency of Finance reminds that a natural person cannot raise funds on his/her own. It must be a anonymous society.
Read: How the crypto market is impacting investment dynamics
Procurement is assuming a liability with a third party without offering a good in exchange.
For the Financial Superintendence, these operations are considered illegal collection when the total value of the money received by them exceeds 50% of the total assets. of that person or company and exceed 20 people.
If mass and habitual recruitment is proven, the perpetrator can be sentenced to up to 10 years in prison, and if he or she does not return the funds, the sentence can be doubled.
The Financial Superintendency warns that in the country “there is no platform or firm authorized to operate or promote the Forex market.”
iStock
There are two new modalities: Supposed investments in ‘preferred shares’ in which the client agreed to sell the shares back to a firm in order to obtain capital in return with ‘profits’.
And the linking of third parties as ‘associates’ and/or ‘hidden partners’ with ‘joint account contracts’, the purpose of which was to receive money of subscribers to make them participants in the profits generated by the company from the alleged marketing of bananas.
HOLMAN RODRIGUEZ MARTINEZ
Portfolio Journalist
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