{"id":26601,"date":"2021-04-07T16:57:16","date_gmt":"2021-04-07T16:57:16","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=26601"},"modified":"2021-04-07T16:57:16","modified_gmt":"2021-04-07T16:57:16","slug":"mwinyi-instructs-pyramid-scheme-probe","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe","title":{"rendered":"MWINYI INSTRUCTS PYRAMID SCHEME PROBE"},"content":{"rendered":"

AfricaPress-Tanzania:<\/strong> ZANZIBAR President Dr Hussein Mwinyi yesterday reaffirmed the government resolve to thoroughly investigate Masterlife Microfinance operations and recover all the money that the pyramid scheme has swindled wananchi.<\/p>\n

\u201cFor now, there is nothing that the government can do besides investigating and instituting stern legal measures against the culprits… but, all the money must be returned to their owners,\u201d President Mwinyi told reporters at a hurriedly convened press conference at Vugabased State House.<\/p>\n

The pyramid scheme, which was registered under the Business Registration and Licensing Agency (BRELA) as a livestock keeping and animal feed manufacturer, using a certificate of compliance, crossed over to Zanzibar where it had been operating as a microfinance institution.<\/p>\n

Dr Mwinyi said by March 4, 2021 when the revolutionary government intercepted its operations, Masterlife had collected 38.5bn\/- from hapless 39,000 members.<\/p>\n

\u201cIt\u2019s surprising that the company, instead of fulfilling its obligations as per registration, got engaged in the business of taking deposits from people,\u201d the president said, adding that investigations have so far indicated that Masterlife had no profitable business and it was instead revolving the money amongst members.<\/p>\n

The illegal business has already created conflicts and anxiety in the country because wananchi had high expectations in the business. \u201c…unfortunately, some people took huge loans from commercial banks to join the scheme,\u201d said President Mwinyi.<\/p>\n

Already, the government has confiscated 4.79bn\/- from various investment avenues where the company owners had injected the money.<\/p>\n

Luxurious vehicles, plots and buildings are as well under the government control pending investigations.<\/p>\n

President Mwinyi warned Zanzibaris against participating in illegal businesses, though promising to continue with investigations to ensure justice prevails. \u201cI urge you to remain patient as the government continues with investigations… the government intention is to ensure that the rights of wananchi who invested their money are well protected,\u201d Dr Mwinyi said.<\/p>\n

Fielding questions from journalists, President Mwinyi conceded laxity in the part of the regulatory bodies, saying: \u201cHad the authorities taken the appropriate measures timely, we wouldn\u2019t have reached this stage.\u201d<\/p>\n

The pyramid scheme, though it started its operations only last June, had become the talk of the town with seven offices\u2014six in Unguja and one in Pemba.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Tanzania: ZANZIBAR President Dr Hussein Mwinyi yesterday reaffirmed the government resolve to thoroughly investigate Masterlife Microfinance operations and recover all the money that the pyramid scheme has swindled wananchi. \u201cFor now, there is nothing that the government can do besides investigating and instituting stern legal measures against the culprits… but, all the money must be […]<\/p>\n","protected":false},"author":84,"featured_media":26584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[3716,7909],"class_list":["post-26601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-hussein-mwinyi","tag-pyramid"],"yoast_head":"\nMWINYI INSTRUCTS PYRAMID SCHEME PROBE - Tanzania<\/title>\n<meta name=\"description\" content=\"ZANZIBAR President Dr Hussein Mwinyi yesterday reaffirmed the government resolve to thoroughly investigate Masterlife Microfinance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MWINYI INSTRUCTS PYRAMID SCHEME PROBE\" \/>\n<meta property=\"og:description\" content=\"ZANZIBAR President Dr Hussein Mwinyi yesterday reaffirmed the government resolve to thoroughly investigate Masterlife Microfinance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-07T16:57:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/dd30476bd560be8c5d6e81c53558aa15.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"MWINYI INSTRUCTS PYRAMID SCHEME PROBE\",\"datePublished\":\"2021-04-07T16:57:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe\"},\"wordCount\":367,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/dd30476bd560be8c5d6e81c53558aa15.jpg\",\"keywords\":[\"Hussein Mwinyi\",\"pyramid\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/policy\/mwinyi-instructs-pyramid-scheme-probe\",\"name\":\"MWINYI INSTRUCTS PYRAMID SCHEME PROBE - 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