Namibia: Central Bank Warns of Dodgy Schemes

THE Bank of Namibia (BON) has called on the public to desist from promoting, participating or investing in illegal financial schemes.

This comes after the bank concluded investigations on the activities of Project One Million Asset and Legacy Investments.

"The bank's investigations concluded that the activities of the two businesses are in contravention of Section 5 and 55A of the Banking Institutions Act, 1998, and as such a criminal case was registered with the Namibian Police," the bank's strategic communications director, Emma Haiyambo, said in a statement on Friday.

She cautioned the public not to participate or invest in such schemes, because it may result in a loss of money.

Haiyambo said the bank met with some investors in the schemes mentioned above last week, who pleaded for refunds.

"The bank reiterated the stance that it is bound by the legal process concerning the funds in the bank accounts that were frozen by the bank. The bank undertook to relay the concerns of the individuals with whom they met to the Office of the Prosecutor General," she said.

She reiterated the bank's position on online forex trading as communicated in October 2019.

The central bank does not prohibit online forex trading, but members of the public who participate in this should use their own funds and not solicit funds from the public to invest on their behalf under any pretence, as this would contravene laws, Haiyambo said.

"Members of the public are urged to cooperate with the bank and law enforcement agencies in the investigation of suspected illegal financial schemes by providing the necessary information," she said.

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