Dozen pyramid schemes uncovered

18 August 2020 | Crime

The Bank of Namibia (BoN) conducted investigations into 12 suspected illegal financial pyramid schemes uncovered in the country in 2019 and 2020.
According to deputy director for corporate communications, Kazembire Zemburuka, members of the public and promoters of such illegal financial schemes were directed to immediately stop their operations and promotions.
This year alone, Elemant, R 200 WhatsApp stokvel, Crowd1 Network Limited, Project One million, Asset Legacy investments cc and Greenleaf Biotech Namibia (Pty) Limited were investigated and found as illegal pyramid financial schemes, while in 2019, Longrich Bioscience, JamaLife, Karatbars International, Global Dream Network, Onyx Lifestyle and World Ventures Holdings were investigated and were also found to be pyramid schemes.

‘Challenges’
Due to the ongoing Covid-19 pandemic, BoN has been struggling to carry out investigations on illegal financial pyramid schemes. “Understandably, tracing the owners or promoters of the suspected illegal financial schemes during this time of restrictions imposed on face-to-face meetings and travel, could potentially impede successful engagements. However, the bank always makes use of alternative communication platforms to engage owners or promoters of such schemes. At present, the bank is of the opinion that alternative platforms have been successful,” Zemburuka said.
He added that the BoN has noticed that there is generally a reluctance on the part of promoters of such suspected businesses to come forth when the bank calls them to provide details of their businesses’ operating models.
“The moment promoters become aware that the bank wants to engage them, they generally close their activities and start afresh with another scheme,” said Zemburuka. “For this reason, the BoN focusses on educating the public to be familiar with the features of illegal financial schemes in general, so that they remain alert when presented with such opportunities.
He warned that according to the Banking Institution Act, 1998 (Act No.2 of 1998) as amended, those found guilty would be liable to a fine not exceeding N$1 million or imprisonment for a period not exceeding ten years or both. – Nampa

Similar News

 

Police warn of car scammers

1 month - 28 September 2020 | Crime

NamPol has again warned members of the public about a syndicated seen on social media advertising second-hand vehicles for between N$15 000 and N$20 000...

Thieves using ‘Nampol’ facemasks

1 month - 09 September 2020 | Crime

The police has warned members of the public to be wary of unscrupulous individuals impersonating police officers by wearing face masks imprinted with police logosAccording...

No StartUp ‘facilitation’ fees - MITSMED

1 month - 08 September 2020 | Crime

The ministry of industrialisation and trade (MITSMED) has warned that unscrupulous individuals are soliciting funds from the public in an illicit manner to facilitate the...

Con man sues government for N$5 million

1 month - 08 September 2020 | Crime

Windhoek • [email protected] Hardap prison inmate and South African citizen convicted on multiple charges of fraud has filed a N$5 million lawsuit against various authorities...

Immunity dismissed by Supreme Court

2 months ago - 20 August 2020 | Crime

Windhoek • [email protected] police officer who was granted immunity last year from further prosecution on corruption and blackmail charges dating back nine years, saw that...

She was a warrior

2 months ago - 11 August 2020 | Crime

Windhoek • [email protected] years after unarmed protestor Frieda Ndatipo was killed during a clash between struggle kids and the police at the Swapo headquarters in...

Namibia remains tough on human trafficking

2 months ago - 03 August 2020 | Crime

Windhoek • [email protected] has joined the global community calling on countries to remain vigilant and pro-active as the world health crisis ravages economies and exposes...

Fraudsters still at it

3 months ago - 28 July 2020 | Crime

The reduction in physical shopping, together with social distancing and a heightened awareness of personal safety, have made online shopping our go-to place for retail...

Securing a poaching scene – the right way

3 months ago - 22 July 2020 | Crime

What should a farmer, lodge manager, landowner or a farm worker do when he stumbles across a poaching scene?Participants of the Animal Crime Scene and...

Bosses beware – scammers at it again

3 months ago - 13 July 2020 | Crime

Nampol has warned members of the public, personal assistants to chief executives and managing directors, as well as CEOs and MDs themselves, to be weary...

Latest News

Grieving parents sue health ministry...

1 hour ago | Health

Windhoek • [email protected] pair of grieving parents is suing the health ministry for between N$2 million and N$3 million for breach of duties and gross...

NBL celebrates a centenary

2 hours ago | Business

“We are officially 100 years old today and what an adventurous journey it has been for our business!” says an excited Marco Wenk, managing director...

Breast cancer: Early detection saves...

3 hours ago | Opinion

Windhoek • Marjolize ScholtzOctober is breast cancer awareness month and this year it is celebrated under the theme ‘Give Hope. Save Lives.”So far, 2020 has...

Walking the talk

18 hours ago | Society

It began as an invitation for a group of friends to take a casual walk in support of breast cancer awareness last week. But it...

Namibia ready for Eilat!

1 day - 27 October 2020 | Sports

The world watched on Sunday and Monday, as the Namibian Esports team took on the team from South Africa online in the Southern Africa Region...

Hot hockey on the cards

1 day - 27 October 2020 | Sports

The Namibia National Inline Hockey (NIIHA) team trials where held last weekend and while the temperature outside was hot, the action inside was on fire!This...

Micro grant for Gobabis foundation

1 day - 27 October 2020 | Society

The Light for the Children Foundation in Gobabis received N$180 000 from the German embassy's micro project fund to implement safety measures at its school...

Aiming for top cycling honours

2 days ago - 27 October 2020 | Sports

The Nedbank Desert Dash is the principle for every cyclist, and this year, the Namibia Cleaning Chemical Solutions (NCCS) Cymot Pro Cycling team says the...

Purchasing property for the parents

2 days ago - 27 October 2020 | Life Style

It is not uncommon for those who find themselves in a better financial position than that of their parents, to purchase a property on their...

Load More