The Director of Consumer Affairs, Mr William Fagan, has warned people not to get involved in an international pyramid scheme, Golden Circle, currently operating in Ireland. Well established in eastern Europe, the scheme offers "the opportunity to make big money, up to £21,870", according to its promotional literature.
Mr Fagan says that the scheme's most worrying feature is that those who buy in are required to divulge their bank details. "Its worst danger is that people are required to give their bank account numbers, which I would not recommend they give to anyone."
A Garda spokesman described the scheme as a "fool's paradise" but said the gardai could not investigate until someone made a formal complaint.
"We encourage anyone that has been involved to come forward and make a complaint so that an investigation under the 1980 Pyramid Selling Act can take place. Alternatively, under money-laundering legislation, bank managers must report accounts they suspect are being used for illegal activities, so we may be able to investigate it in that way."
Mr Fagan said that pyramid schemes operated by passing money up and down a chain of people.
A spokesman for the Bank of Ireland said that measures were in place to counter money-laundering and that newly opened bank accounts were closely monitored for any unusual activity.
However, he added that in the case of pyramid schemes irregular account activity could be particularly difficult to spot. "There is very little we can do if someone is simply making lodgements."