RESIDENTS in Newport and Monmouthshire are being warned of a pyramid scheme con.

A growing number of people, particularly women, are being targeted in the area, according to the trading standards teams at both Newport city council and Monmouthshire county council.

One scheme currently in operation is claiming participants will get more than £20,000 in return for a £3,000 investment. Trading standards officers are warning that not only are people unlikely to see any return from their investment, but they are also risking breaking the law by inviting others to join the scheme.

Bryan Jones, Monmouthshire county council trading standards cabinet, said: “These schemes are aimed at vulnerable people and are always going to fail at some point. “ It is inevitable that many people will lose their money. There is no such thing as a “free lunch.”

A Newport city council spokesman said: “With the credit crunch hitting many families’ budgets, some people could be lured in with promises of making money for nothing.

I would urge anyone who hears about this in the workplace or from friends or family to put the person straight.”