Bank urges public to beware of scams

 THE Bank of Papua New Guinea (BPNG) has warned people to avoid getting involved in fast money schemes and scams.

Governor Loi Bakani said, in a statement: “Many people still support and believe the promoters of these money schemes and scams. 

“They continue to place their cash with these money schemes with the promise of receiving very high returns or interest on their money. 

“The public is reminded again that any promises by anyone of very high returns or interest (for example 100%) for the money they collect, are complete lies and such actions are fraudulent and illegal.”

Bakani issued the warning after receiving information and complaints about illegal and fraudulent schemes from people claiming to be investing with BPNG or are awaiting cheque clearance from the central bank. 

“BPNG does not hold or deal with funds and investments from the general public or individuals, including these illegal money schemes,” he said.

“Those investors waiting for months and years for their pay-outs from these schemes will never get their money back as these claims are all complete lies by the promoters of these money schemes.”

He said the promoters often claimed that the funds intended to pay investors were either awaiting clearance or invested with the BPNG.

“They even claim that the money collected from people are invested in overseas bonds, Government bonds or gold, and the proceeds from these investments are subjected to clearance from BPNG or the BPNG Governor.”

Money schemes and scams come in many forms, including:

• Mobile phone text messages informing individual of a lottery win and requesting an upfront fee for processing;
• agents collecting money from the public promising high returns, eg U-Vistract and Papa lain;
• letters asking for advance fee payment for release of funds, eg Nigerian scams;
• individuals claiming to have concealed foreign currency brought into the country that can be cleaned by special ink and are asking for the processing fee; and,
• Telephone calls from unknown persons informing of a big win.

“Do not give your hard earned cash to promoters of these schemes. Ensure to use your money wisely and prudently and do not give it to a fast money scheme or fall victim to a money scam,” Bakani said.