The Bermuda Monetary Authority is calling for new laws to vet get-rich-quick schemes after a new scare surrounding a money-making system.

The Police Commercial Crimes Unit and the BMA are worried amateur investors may be dazed by dollar signs but not receive a cent if they take part in the Ujamma scheme.

The venture is backed by Warwick-based organisation Nia Enterprises, which is not a registered or incorporated company.

Would-be clients are urged to pledge $100 for "the opportunity to make thousands, maybe even millions, of dollars''.

An introductory brochure promoting the scheme claims it is "almost impossible to make a loss'' and says clients will be given information on marketing schemes to make money.

They are also urged to introduce other investors and one clause claims the client generator programme "ensures that clients eventually receive at least $10,260''.

But Malcolm Williams, General Manager of the Bermuda Monetary Authority, added: "Members of the public must be very cautious indeed when approached by persons presenting a system offering endless possibilities.

"They would be well advised to ascertain whether they have any professional experience and whether the system has been approved by any authority in Bermuda.

"It perhaps shows the wisdom of introducing a prospect investment act, under which opportunities like this could be licensed.

"One of the reasons for introducing such an act would be to ensure investment products and advice was licensed and backed up with expertise.'' A Police spokeswoman said the Commercial Crimes Unit was aware of the scheme and also urged caution.

She said: "Several bank employees have contacted us and made us aware of what is happening but this is not an illegal scheme.

"It's soliciting for investment and we do caution that members of the public will be taking a chance if they invest.

"It's a pyramid-type scheme and by its very nature, the broader base there is, the less chance you have.

"People should just be careful.'' A letter to The Royal Gazette revealed the scheme was first promoted last September, claiming the investment returns would be guaranteed within seven to ten months.

The author claimed there were 2,000 Bermuda-based investors who had paid Nia $200,000 -- but most clients had seen "zero dollars return thus far''.

But Nia's Programme Administrator Juanita Swan claimed the Ujamma system was not a con.

She said: "What we are doing isn't illegal. We have never misled any of our clients.

"We have clients who have received funds and also clients who haven't received funds.

"But we are just information brokers and we provide our clients with all sorts of wealth generation programmes.

"The guarantee is fulfilled via our marketing efforts and an opportunity to generate the income.

"Clients can either take advantage of our information or they cannot.'' She claimed the scheme had never been advertised in Bermuda, only overseas.

"But Bermuda is a small community,'' she added. "We do global marketing and we have clients locally who have heard about the opportunity.'' Police warned people against investing in the Nkenge pyramid scheme which was marketed in Bermuda last August.

Investors were told they would move up a chain by signing up other clients and generating more cash.

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