Thu. May 23rd, 2024

Bank of Ghana Issues Scam Alert On Money Doubling Ponzi Scheme

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In a press release, Bank of Ghana announced that it has identified a money doubling scheme disguising under the pseudo name “Worldremit” engaging in illegal business of international money transfer.

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The release reads, ” the fraudulent scheme is distinct from the globally renowned Fintech, ‘WorldRemit’ which is in the business of International fund transfers”

The fraudulent scheme customers to select prefect product packages, following which a code is generated by the fraudsters with which they obtain the WhatsApp account of their victims for scam purposes.

It cautioned the general public against patronising “this and other similar unsanctioned schemes”.

The Bank of Ghana further statesd that it has not licensed any entities or individuals engaged in “money doubling”.

The general public is, therefore, advised to take note as follows:

i. Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them;

ii. ii. Place deposits only with institutions licensed by Bank of Ghana, in order that they may be accorded the necessary protection offered under the applicable banking laws; and

iii. iii. Refer to Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12, which can be found on the Bank’s website:

“The Bank cautions the public not to participate in this illegal and fraudulent activity to avoid loss of funds”, adding: “Any individual or entity that participates in such or similar schemes does so at their own peril”.

“The public is advised to report such activities to Bank of Ghana at the Financial Stability

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