5 January 2018

Namibia: MLC247 Scheme Still Operating Illegally in Namibia

THE so-called "peer-to-peer global funds exchange community" dubbed MyLifeChange247 scheme is still operating, despite the central bank declaring it illegal in Namibia two months ago.

Just last week, the scheme caused panic when Namibian "members" failed to log in for days on the site and caused a social media frenzy over the past weeks when members complained that they couldn't log in.

The site was, however, restored on Tuesday and despite security concerns from commentators, the MLC Namibia proclaimed on Facebook on Tuesday that "They have successfully failed to challenge MLC247. We are back," urging members to finally log in.

"They (MLC) were updating their security because many fake websites were created to deceive and rob off people," a defending member of MLC, based in Windhoek, told The Namibian yesterday.

Although members of MLC247 are promised high returns within a short period (up to 75%), and creating a "dream (investment) and benefiting from a donation of another member to realise their "dream", the Bank of Namibia appealed to members of the public not to participate in promoting the MLC247 activities.

"By transacting with or getting involved in the business practices of MLC247, such participating members of the public will be committing an offence in terms of the Banking Institutions Act, 1998 (Act No.2 of 1998), and if convicted, may be subjected to a fine or imprisonment as prescribed in the act," the central bank warned last October.

In the press release at the time, the Bank of Namibia's deputy director of corporate communications, Kazembire Zemburuka, said the scheme's business model was found illegal in the country because it accepts deposits from members of the public, and furthermore pays it to other members. MyLifeChange247(MLC247) connects the person who wants to 'donate' funds and the person who wants to grow money.

The central bank furthermore called on the public to remain vigilant when participating or investing in any other online financial schemes.

MLC247 claims on its Facebook page this week that it is an "online business" that is "100(%) safe."

About two weeks ago, the Bank of Namibia has once again reiterated that the public must refrain from participating in two illegal financial schemes: MyLife Change 247 ("MLC247"), and Four Corners Alliance.


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