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  • BoN warns public against illegal money-making schemes

BoN warns public against illegal money-making schemes

WebDesk
July 30, 2012August 1, 2012 No Comments

WINDHOEK: Bank of Namibia warned the public against suspicious business schemes operating in the country, whose business practices as illegal money-making ventures.

In a media statement issued here on Monday, BoN’s Director for Strategic Communications and Financial Sector Development Ndangi Katoma said the reserve bank has been inundated with concerns over a number of questionable business activities being carried out in different forms in the country through business concept presentations, unsolicited short message services (SMS) or telephone calls to individuals cellphones.

He said one such SMS announces prize money a cellphone owner won and which the targeted person needs to claim from BoN.

Thus, Katoma said the bank is cautioning the members of the public about these schemes operating in Namibia whose business practices present the same characteristic as illegal money-making ventures in terms of the Banking Institutions Act of 1998 as amended.

He said this is because the bank is mandated to protect the interest of the public, which is embedded in the banking law.

“The Bank denounces SMS being sent to cellphone owners announcing prize money they won and advised to claim from BoN as fraudulent and criminal,” Katoma said.

He said the bank is investigating these questionable practices with the view to determine the appropriate cause of action.

The bank requested promoters of various suspected schemes to come forward and make presentations to BoN on their activities with a view for the Bank to advice the public appropriately.

“The bank further wishes to thank members of the public for continuing to bring their concerns and seeking clarity from the Bank in order to avoid falling victims to these schemes,” he stressed.

Katoma encouraged members of the public to continue reporting any suspicious business operating that appear to have the characteristics of illegal schemes in contravention of the law.

He further appeals to every law-abiding citizen to refrain from participating in the activities of entities that could be in violation of the law and avoid losing their hard earned income in business activities they are not well informed about.

(edited)WINDHOEK, 30 JUL (NAMPA) – The Bank of Namibia has warned the public against suspicious business schemes operating in the country.

In a media statement issued here on Monday, BoN Director for Strategic Communications and Financial Sector Development Ndangi Katoma said the Reserve Bank has been inundated with concerns over a number of questionable business activities being carried out in different forms in the country through business concept presentations, unsolicited short message services (SMS) or telephone calls to individuals’ cell phones.

He said one such SMS announces prize money a cellphone owner won and which the targeted person needs to claim from BoN.

Katoma cautioned members of the public about these schemes operating in Namibia, whose business practices present the same characteristics as illegal money-making ventures in terms of the Banking Institutions Act of 1998 as amended.

He said the Central Bank is mandated to protect the interest of the public, which is embedded in the banking law.

“The Bank denounces SMSs being sent to cellphone owners announcing prize money they won and advised to claim from BoN, as fraudulent and criminal,” Katoma said.

He said the Central Bank is investigating these questionable practices with the view to determine the appropriate cause of action.

The bank requested promoters of various suspected schemes to come forward and make presentations to BoN on their activities with a view for the Bank to advice the public appropriately.

“The bank further wishes to thank members of the public for continuing to bring their concerns and seeking clarity from the Bank in order to avoid falling victims to these schemes,” he stressed.

Katoma encouraged members of the public to continue reporting any suspicious business operations that appear to have the characteristics of illegal schemes in contravention of the law.

He further appeals to every law-abiding citizen to refrain from participating in the activities of entities that could be in violation of the law, and avoid losing their hard-earned income in business activities they are not well informed about.

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