BoG warns the public against fraudulent ‘Worldremit Money Doubling’

BoG warns the public against fraudulent ‘Worldremit Money Doubling’

The Bank of Ghana has asked the general public not to engage in activities of scammers called “World Remit money doubling”, adding it has not licensed any entities or individuals engaged in ‘Money Doubling’.

Thus, “the general public is cautioned against patronage of this and other similar unsanctioned schemes”.

This was contained in a statement released on October 13, 2021.

“Bank of Ghana (BoG) has identified a money doubling scheme operating in Ghana under the pseudo name “Worldremit”. This fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.

The scheme is fraudulent and does not reward investors as promised. The general public is therefore advised to take note as follows:

i. Venfy with 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.

The Bank cautions the public not to participate in this illegal and fraudulent activity to avoid loss of funds but rather report any such activities to the Bank of Ghana at the Financial Stability Department.

Source: Richard Mensah Adonu | Join our Telegram Group

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