Bank warns about scams

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THE Bank of Papua New Guinea (BPNG) is warning the public to be cautious and avoid doing business with fast-money schemes because they are illegal and fraudulent.
Governor Loi Bakani, pictured, was speaking yesterday in response to an article featured in The National two weeks ago where a son of a retired teacher called on authorities to investigate the scam which he said had drained all his mother’s life savings.
“Do not place your money with illegal fast money schemes and scams; you should use the services of licensed financial institutions only,” Bakani said.
“The public should know that BPNG neither holds nor has records of any private investments made by groups or individuals prior to independence or thereafter, including in current treasury securities.”
Certain individuals, agents or groups continue to solicit funds from retired public servants, ordinary citizens, as well as some unsuspecting public servants and companies with a hefty promise of 100-2000 per cent return on investment.
The scammers often lure people by claiming that a huge sum of money, often in billions or trillions, is held by BPNG and is awaiting clearance for immediate payment.
Bakani also said the bank is aware of recent scams using mobile phone text messages, fraudulent
documents with forged signature of his, or names
of the Prime Minister, Government ministers, and politicians on the winning of lotteries and prizes, upfront fees payments for facilitating access to funds held in offshore accounts and other fraudulent means.
“When promoters of these scams ask you to pay upfront payments, please do not do so as these are all different types of scams and are illegal,” he said.
Bakani is calling on the public to report to police those individuals or groups to be prosecuted or demand them to have their monies given back.