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BoG Cautions on World Remit Money Doubling Scheme; Says It’s Fraudulent

The statement added, “Bank of Ghana states that it has not licensed any entities or individuals engaged in money doubling.”

 

With regular complaints on people being defrauded, the Bank of Ghana (BoG) has cautioned Ghanaians against the patronage of World Remit money doubling scheme describing the scheme as “fraudulent and does not reward investors as promised.”

“Bank of Ghana (BoG) has identified a money doubling scheme operating in Ghana under the pseudo name World Remit. This fraudulent scheme is distinct from the globally renowned Fintech, “World Remit” which is in the business of international fund transfers,” a statement from the BoG has said.

“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.”

The statement added, “Bank of Ghana states that it has not licensed any entities or individuals engaged in money doubling.”

Find below the statement

BANK OF GHANA NOTICE TO THE PUBLIC NOTICE NO. BG/GOV/SEC/2021/15SCAM ALERT – “WORLD REMIT” MONEY DOUBLING SCHEME

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Bank of Ghana (BoG) has identified a money doubling scheme operating in Ghana under the pseudo name “Worldremit”. This fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.

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. The scheme is fraudulent and does not reward investors as promised.

The general public is cautioned against patronage of this and other similar unsanctioned schemes. Bank of Ghana states that it has not licensed any entities or individuals engaged in ‘Money Doubling’.

The public is therefore advised to take note as following:

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

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.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: www.bog.gov.gh 

The Bank cautions the public not to participate in this illegal and fraudulent activity to avoid loss of funds. 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:

Financial Stability Department

Bank of Ghana1 Thorpe Road

P. O. Box 2674

Accra, Ghana

Tel.: 030 266 5005; 059 691 2354; 050 150 2270

Email:[email protected] 

(SGD)SANDRA THOMPSON (MS)

THE SECRETARY

13TH OCTOBER 2021

 

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