The Bank of Ghana has identified a Ponzi or money doubling scheme operating in Ghana, using the pseudo name, “Worldremit.”
The bank, therefore, warned Ghanaians and the general public that “This fraudulent scheme is distinct from the globally renowned Fintech, ‘WorldRemit’ which is in the business of international fund transfers.”
The modus operandi of the fraudulent scheme, according to the bank, is to encourage customers to select preferred packages, after which a code is generated by the fraudsters. With the code, the fraudsters will gain access to the WhatsApp accounts of the unsuspecting customers for their fraudulent and spurious activities.
What the Bank of Ghana is saying
The Bank of Ghana warned that the scheme is fraudulent and does not reward investors as promised.
According to the bank, “The general public is cautioned against patronage of this and other similar unsanctioned schemes. Bank of Ghana states that it has not licensed any entities or individuals engaged in ‘Money Doubling.”
Before engaging with or in any such entities, the Bank of Ghana has asked the general public to do their due diligence by doing the following:
i. Verify with the Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them.
ii. Place deposits only with institutions licensed by Bank of Ghana, in order that they may be accorded the necessary protection offered under the applicable banking laws; and
iii. Refer to Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12, which can be found on the Bank’s website: www.bog.gov.gh
While asking the general public to report such activities to the bank, the bank cautions the public not to participate in this illegal or fraudulent activity to avoid loss of money and/or property, warning that any individual or entity that participates does so at his, hers or their own risk and peril.
The warning is contained in Bank of Ghana’s notice to the public numbered as BG/GOV/2021/15 entitled, “SCAM ALERT – “WORLD REMIT” MONEY DOUBLING SCHEME.”