The Bank of Ghana (BOG) has cautioned the general public against a money doubling scheme operating under the pseudo name “Worldremit” in the country.
This fraudulent scheme, the BOG disclosed, is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.
“The general public is cautioned against patronage of this [Worldremit] and other similar unsanctioned schemes.
“This scheme encourages customers to select preferred packages, following which a code is generated by the fraudsters with which they obtain the WhatsApp accounts of their victims for spurious purposes.”Bank of Ghana
The central bank made this disclosure in a notice to the general public titled “Scam Alert- ‘World remit’ Money Doubling Scheme”.
As noted by the Bank of Ghana, “the scheme is fraudulent and does not reward investors as promised”.
According to the Bank of Ghana, it has not made available any license provision(s) to entities or individuals to engage in any ‘Money Doubling’ schemes.
The central bank, therefore “cautions the public not to participate in this illegal and fraudulent activity to avoid loss of funds”.
With this notice of warning, the central bank states that any individual or entity that participates in such or similar schemes does so at their own peril.
Precautionary measures to avoid fraud
Owing to surge in fraudulent activities in the country, the central bank has outlined precautionary measures which when adopted can save entities and individuals the ordeal of falling victims to these schemes.
These measures require that individuals and entities “verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them”.
Additionally, individuals and entities are encouraged to “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”.
In a similar notice to the general public titled, “Money Doubling and Card Loading Systems”, the central bank cautioned entities and individuals to desist from offering any forms of unauthorized services to the public.
“It is illegal for any person or institution without the mandate and authority of the Bank of Ghana to advertise and engage in ‘Money Doubling’, ‘Card Loading’ and ‘Credit Card Loading Systems’ activities on traditional and social media platforms.”Bank of Ghana
These practices, the central bank reveals, start with invitation to the members of the public through social media outlets, to deposit money through various payment service providers’ platforms with the promise of rewarding the participants with attractive returns.
Meanwhile, the incident of fraudulent scheme activities is not new to the Ghanaian public and to the world at large.
Fraud activities popularly termed ‘Ponzi Schemes’ which has surfaced in Ghana in the recent past include the defunct gold dealership firm, Menzgold Company Limited, and Savannah Brokerage Investment Ltd scheme among others.
In the meantime, the Bank of Ghana has advised the media outlets including radio, television and online channels not to advertise money doubling and card loading schemes on their platforms.