Royal Monetary Authority (RMA) would like to inform the public that Bhutanese are still participating in the Ponzi scheme called `Tallwin life Plan` despite the public notification issued on 27th October 2022. RMA has cautioned public that scheme is fraudulent investment where earlier investors returns are paid from the contributions of later investors. It requires constant flow of new money to survive, and the scheme collapses when it is not able to recruit new investors, or when large numbers of existing investors cash out.
The scheme contravenes Section 11 of Financial Service Act (FSA) 2011 where no person shall offer financial services without obtaining the appropriate license. Non-compliance is punishable under Section 15 of the FSA 2011 and shall be liable for prosecution and be fined the minimum wage at the time of the crime for a period extending from fifteen to thirty years.
Therefore, RMA reiterate public to refrain from participating in the scheme.