No scheme accounts with bank

BY REBECCA KUKU
The Bank of Papua New Guinea does not have any account belonging to companies or organisations that practise pyramid schemes, Governor Loi Bakani says.
Bakani made the statement after the director of a coffee company, which is registered with the Institute of Papua New Guinea as a humanitarian company, told its members that the company’s proceed from the sale of rare diamond and gold nuggets in Israel were held in Bank of Papua New Guinea awaiting clearance.
Bakani said that the bank did not  and nor did it hold any investment of the named company.
“Even countries like Israel mentioned by these scheme or scam operators are not involved in such fraudulent activities, so investors should not believe them,” he said.
Bakani also called on the investors or members to take responsibility to report the activities of fraudulent schemes or scams to  appropriate law enforcement authorities.
“Police and other law enforcement agencies must take appropriate action that will help stop these schemes or scams from operating in Papua New Guinea,” he said.
Bakani said that all current members or investors should stop believing in these fraudulent groups or companies.
“As investors, you have waited for a long time for your returns because you have been lied to; your money invested with these schemes is lost.”
The company is behind a major money scam involving about 5,000 members, including children.
The so-called humanitarian company urged the public through informal awareness to register immediately into the group to benefit from “a one trillion and three hundred million kina payout”.