Police have warned that a pyramid scheme that claimed be a “co-operative” is being promoted around the island.

Detective Superintendent Nicholas Pedro, head of the Bermuda Police Crime Division, said the scheme used social media platforms such as Zoom to hold meetings in a bid to attract investors.

Mr Pedro added the troubled economic climate was being exploited with “promises of get rich quick investment opportunities”.

Pyramid schemes are based on a promise of payment or service for enrolling other people, rather than creating actual sales, investments or other opportunities – often with the allure of high returns.

Mr Pedro said promises or “invitations to invest” should be considered suspicious.

He added: “Remember, if it seems too good to be true, then it probably is.”

Pyramid schemes are a criminal offence under the Consumer Protection Act.

Police warned promoters of the schemes that a promise or forecast, or concealment of facts to induce others to invest or deposit, is punishable by a maximum of seven years’ imprisonment.

Anyone who may have been approached to take part in a pyramid scheme, or with information on them, is should call 211 or the main police number, 295-0011.