Central Bank on SIU operations

The Special Investigations Unit (SIU) of the Central Bank was set up in 2005 to deal with investigations on unauthorised deposit soliciting institutions and pyramid and multi-level marketing operations that were spreading in the country.

Three Investigating Officers were released by the Police Department at the time of setting up this unit to facilitate these investigations. After a year of operations, the IGP has requested that these officers be released so as to revert them to their substantive duties in the Police Department in view of urgent national needs, said a release from the Central Bank.

Consequently, the ongoing and pending operations of the SIU have been handed over to the respective departments in the Central Bank. Such departments will continue to handle these operations with the assistance of Police investigation units, whenever found necessary.

Accordingly, the administrative restructuring arising out of the release of the Police officers would in no way jeopardise any ongoing investigation, nor would it dilute the commitment of the Central Bank in its efforts to effectively deal with unauthorised deposit soliciting or multi-level marketing and pyramid operations.

Hence, any suggestion or claim that ongoing investigations have been discontinued and that any illegal activity would be left unchecked is misleading.

According to industry analysts the SIU would be dissolved and this would help unauthorised deposit soliciting institutions, pyramid and multi level marketing operations spread their wings throughout the country.