Rwanda bans TelexFree: “It’s a pyramid scheme”

24 Comments on “Rwanda bans TelexFree: “It’s a pyramid scheme””

#1

Juan Lopez

Mar 18th, 2014 at 6:32 am  Juan Lopez(Q)

Oh Yeah!



#2

Dorothy

Mar 18th, 2014 at 7:38 am  Dorothy(Q)

Nice to see some leaders are watching out for their people.



#3

rodrigo

Mar 18th, 2014 at 8:29 am  rodrigo(Q)

Did you know!!! Telexfree was chaged by 71 milion of reais (about 30 milion in USD)!!! And already pay it!!!

And.. This was good!!!! This prove how telexfree is a good companhy because the “small mistake” was because the type of the companhy was too late changed (need to be in a big type).



#4

Oz

Mar 18th, 2014 at 8:31 am  Oz(Q)

Since when was getting fined by regulators for being a Ponzi scheme a good thing?



#5

rodrigo

Mar 18th, 2014 at 8:44 am  rodrigo(Q)

hahah… Oz.. Whey you ARE a Ponzi Scheme, you need to celebrate when government don’t find it!!! Even when you need to pay 71 milion!!! hahahah

Only carlos costas do it!!! He is my hero!!

And I don’t understand where come from this money and why he pay it so fast..



#6

Oz

Mar 18th, 2014 at 8:46 am  Oz(Q)

I’ll have a new article up shortly, bear with me going through information now.

The money comes from their new investors all over the world, same as it always has.



#7

Oz

Mar 18th, 2014 at 9:27 am  Oz(Q)

And we’re live – https://behindmlm.com/companies/telexfree/espirito-santo-irs-fines-telexfree-r70-million

Thanks again for the heads up.



#8

K. Chang

Mar 18th, 2014 at 9:42 am  K. Chang(Q)

As far as I can tell, Costas is just bragging that he paid 75 mil in fines instead of 150. And that’s just taxes. Nothing’s been resolved in court yet.



#9

Oz

Mar 18th, 2014 at 9:45 am  Oz(Q)

Ah was it the dollar amount 150 or a percent?

That makes more sense than 75% of the owed amount.



#10

Frontier

Mar 19th, 2014 at 1:50 am  Frontier(Q)

OZ,
These are the links to Ruanda news I found. Please note something NO ONE has said in Brazil or US: Telexfree opened an office in RUANDA in June, 2013, called PLI TELEXFREE RUANDA LTD.

“It’s a risky business. It means that you have to have Internet everyday, wherever you are, because if you fail to post you lose your money,” the member said on condition of anonymity.

Efforts to reach the country director of TelexFREE, Fred Nyakana, were futile as calls and messages to his phone went unanswered. When we visited the offices, Mr Nyakana was said to be in a meeting.

http://pctechmag.com/2014/03/telexfree-experts-raise-the-red-flag-over-pyramid-scheme-thats-been-reportedly-banned-in-rwanda/

Over the past months and days, i have been receiving invitations and demonstrations of Telexfree from all walks of people asking me to join and promising me great profits.

I have been a web entrepreneur for quite sometime and i have been a victim of many schemes, some which promise Gold and deliver wood, and some will give you air after all your hard work.

Today Morning a friend asked to meet me with a sense of urgency and after re-scheduling my appointments and travelling through rain to meet him, he pitches to me his Gold mine “Telex-Free.”

http://pctechmag.com/2014/03/telexfree-ponzi-scheme-or-genuine-money-source/

The government of Rwanda has banned operations of P.L.I Telexfree Rwanda Ltd, a multi-level Internet marketing Service Company, citing fears of money laundering in the country.

http://pctechmag.com/2014/03/confirmed-rwanda-bans-telexfree-operations/

The government of Rwanda has banned operations of P.L.I Telexfree Rwanda Ltd, a multi-level Internet marketing Service Company, citing fears of money laundering in the country.

“Basing on the investigation report carried out by the National Bank of Rwanda in conjunction with the Ministry of Trade Industry of February 19, 2014 on the operations of P.L.I Telexfree Rwanda Ltd, which concluded that P.L.I Telexfree Rwanda Ltd activities are similar to that of a pyramid scheme which can easily be a channel to jeopardize the financial sector and facilitate Money Laundering” read a statement from the ministry.

http://www.rwandaeye.com/news/3900/rwanda-bans-telexfree-operations/

The Rwandan Ministry of Trade and Industry announced the suspension of a famous commercial lottery commonly known as the “Telexfree Rwanda Limited” for having engaged in a pyramid scheme to defraud before a few hundred individuals among its clients.

http://www.africanmanager.com/163372.html



#11

Frontier

Mar 19th, 2014 at 2:32 am  Frontier(Q)

And this is the news spreading in Uganda:

The Ugandan ambassador to Rwanda, Richard Kabonero has cautioned Uganda against schemes in TelexFREE business and confirmed Rwanda’s ban on the operations.

http://news.ugo.co.ug/richard-kabonera-cautions-uganda…/

Rwanda has banned the operations of online service, Telexfree P.L.I after an investigation concluded that it’s activities are bent on facilitating money laundering.

Richard Kabonero, Uganda’s ambassador to Rwanda revealed this Monday evening on social media site twitter accompanied with an announcement by the Rwandan government advising it’s nationals to stay away from Telexfree activities.

http://www.redpepper.co.ug/rwanda-bans-telexfree-amb…/



#12

Oz

Mar 19th, 2014 at 11:51 am  Oz(Q)

This is where TelexFree Ponzi ROIs come from:

Telex Free Rwanda Company channeled over $11.3million (over Rwf7.6bn) to Germany and the US without taxes, according to a new report on the operations of the company.

Though Telex Free locally registered by shares with two owners, it worked as a liaison office for the Telex Free head office in the US.

All the financial operations in Kigali were remotely controlled by the US office. In Kigali, it was managed by Fred Murangira, a Rwandan and Stephen Assimwe, a Ugandan national.

“They told us that $6 million was to be sent to Rwanda from US as taxes but they failed to justify it,” Emanuel Bayingana, the ministry official in charge of competition said in an interview.

Bayingana, who was among the investigators, added that the company was benefiting the owners in the US at the expense of Rwanda’s economy.

$11.3 million? Care to take a guess how many retail VOIP customers there are in Rwanda?

Multiply Rwanda by every other non-US market TelexFree operate in and you soon realise why “but TelexFree is paying” is such a ridiculous excuse to justify the fraud.

http://www.newtimes.co.rw/news/index.php?i=15666&a=75415



#13

M_Norway

Mar 19th, 2014 at 1:02 pm  M_Norway(Q)

Frontier:
These are the links to Ruanda news I found.

Highly interesting.

What type of search methods / other methods did you use to find them? I’m familiar with that geographical search methods exist, and I believe I know where to find them. But searching foreign languages have generally been a problem.



#14

Oz

Mar 20th, 2014 at 3:13 pm  Oz(Q)

Link to the official Rwandan government ban notice (dual-language): http://www.minicom.gov.rw/spip.php?article797



#15

Zoya Kalama

Mar 20th, 2014 at 7:50 pm  Zoya Kalama(Q)

I wouldn’t take too seriously laws in Rwanda and Uganda. These are countries where being gay will get you a death sentence. 70% of the guys in prison have not had a day in court.their files went missing… Or something.

Investigations my foot. No one investigates anything. Someone simply woke up on the wrong side of their bed.



#16

Oz

Mar 20th, 2014 at 7:52 pm  Oz(Q)

I was waiting for someone to bring that up.

Neither countries laws on homosexuality has anything to do with Ponzi scheme regulation.



#17

Zoya Kalama

Mar 20th, 2014 at 8:33 pm  Zoya Kalama(Q)

It doesn’t matter which law. Fairness should be across the board. stick to brazil to make your point. Anyone who knows anything about countries like these wouldn’t use them in anything about ” protecting the public.”



#18

littleroundman

Mar 20th, 2014 at 8:43 pm  littleroundman(Q)

Zoya Kalama: Anyone who knows anything about countries like these wouldn’t use them in anything about ” protecting the public.”

On the other hand, others would say if “countries like these” are taking the trouble to point out something is a ponzi scheme, then you just “KNOW” there’s a problem.



#19

Oz

Mar 20th, 2014 at 8:55 pm  Oz(Q)

It doesn’t matter which law.

Of course it matters. Ponzi scheme regulation has nothing to do with morality legislation on homosexuality.

I’ll be treating this a derail attempt going forward.



#20

Zoya Kalama

Mar 20th, 2014 at 9:06 pm  Zoya Kalama(Q)

I agree with you little round man. But let’s not give them too much credit.

There several other glaring injustices that need to be dealt with………urgently. Corruption, unfair laws etc. oh……..too much?……..

wrong blog?……maybe? …….but had to be said.



#21

Oz

Mar 20th, 2014 at 9:15 pm  Oz(Q)

Keep in mind I’m not disagreeing or agreeing with whatever else goes on in these countries, I only applaud their efforts to create awareness about these schemes.

TelexFree is a Ponzi scheme because of nothing other than their business model. A country seeing that and taking appropriate action should be noted. If for nothing else than to potential help investigative efforts in other jurisdictions.



#22

Dorothy

Mar 20th, 2014 at 11:15 pm  Dorothy(Q)

These are countries where being gay will get you a death sentence.

I wonder what they do to “Rock Stars” that steal millions from their people.



#23

hoss

Mar 21st, 2014 at 12:42 am  hoss(Q)

Oz: Multiply Rwanda by every other non-US market TelexFree operate in and you soon realise why “but TelexFree is paying” is such a ridiculous excuse to justify the fraud.

Ponzi neo-colonialism



#24

K. Chang

Mar 21st, 2014 at 1:16 am  K. Chang(Q)

Zoya Kalama: I wouldn’t take too seriously laws in Rwanda and Uganda. These are countries where being gay will get you a death sentence.

Wrong part of government. This ruling is by Ministry of Trade, not by whoever signed the anti-gay laws into effect.

Nice derail attempt through ad hominem though.