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SOS, Pontsi Pyramids!

October 15, 2013
 
Tamta Tvalavadze, Salome Chkheidze

Company Gold Deer Ltd, registered on November 29, 2012, went bankrupt. Financial pyramid collapsed and thousand people got damaged. Lawyer of Human Rights Center Kristine Kublashvili said people wishing get richer rapidly and easier lost money. 

The company paid money to the depositors from the sums allocated by other depositors. This form of the investment fraud is known as Pontsi Financial Pyramid. Nestan Avalyani was 100 %- share-holder and director of the Golden Deer. The office was located in a prestigious residential building in Vake district. The company offered its depositors unreal sums and attracted many clients. They promised the depositors to give 2 400 USD in exchange of 850 USD within six weeks. Those, who could not invest 850 USD jointly, could allocate only 170 USD and bring four more people to the company.

Tsitsino Robakidze invested 850 USD in the Golden Deer; she could invest 170 USD but did not want to share profit among 4 people. In about 20 days she received 2 400 USD. “We swallowed a bite; I borrowed money and invested in the company; however they did not give me any money since then. I received 2 400 USD without any agreement,” Robakidze said, who was victim of another company “2012+eternity” too. The latter offered clients to return four fold more money. When the due day came, the responsible person disappeared. Investigation has already started into the case.

National Bank suggested population to be cautious with the companies working with the scheme of Pontsi Financial Pyramid. The National Bank does not control and supervise similar companies. Despite that, many people wished to join the company working with the network marketing scheme but the problem appeared after the number of depositors reduced.

Part of victimized people are preparing for the litigation. Lawyer Kristine Kublashvili of Human Rights Center said the agreement between depositors and the company has charity character and does not impose any responsibilities on the parties.

“It states that if a person brings four people to the company, she/he will receive 2 400 USD instead. Based on this agreement, it is impossible to start civil procedures,” Kublashvili said.

Victims of the bankrupted Golden Deer said number of their victims is several thousands and the financial damage amounts more than 10 million USD. Initial owner of the company was Nestan Avalyani, who later sold the 50% of the company. Depositors lodged a suit to the court against Avalyani and she has been in prison for two months already; the victims were not interrogated yet. Current owners of the company do not answer phone calls and permanently change the address.

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