BoG issues scam alert over money doubling activities of ‘Worldremit’
The Central Bank has described as fraudulent the money doubling scheme being perpetrated by a group in the country under the pseudo name “Worldremit.”
The Bank in a notice issued on Wednesday, October 13, 2021, noted the scheme encourages customers to select preferred packages, following which a code
is generated by the said fraudsters and with which they obtain the WhatsApp accounts of their victims for spurious purposes.
According to the Central Bank, the scheme does not reward investors as promised and has therefore cautioned the public against patronage of the scheme and other similar unsanctioned schemes.
Read details of notice below:
Bog Notice No Bg Gov Sec 2021 15 Scam Alert World Remit Money Doubling Scheme Final 1 by Fuaad Dodoo on Scribd
BoG goes after money doublers
The Bank of Ghana (BoG) some months ago issued a notice asserting the practices of entities and individuals engaged in “Money Doubling,” “Card Loading” and “Credit Card Loading Systems” are illegal.
Read Also: Uber suffers defeat in Kenyan court, lessons for Ghana
According to the BoG, such entities and individuals have not been licensed by the Central Bank as required by the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as their activities amount to deposit-taking.
The BoG also warned media outlets against advertising “Money Doubling,” “Card Loading” and “Credit Card Loading Systems” on their platforms.
“The invitation to members of the general public to deposit monies with the “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” amounts to deposit taking, under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Under Section 4 of Act 930 only a body corporate, licensed by the Bank of Ghana may carry out deposit-taking business.”
“By this notice, the Bank of Ghana informs the general public that the Bank has not licensed any entities or individuals engaged in “Money Doubling”, Card Loading” and “Credit Card Loading Systems”. The said individuals and entities in question, commit an offence and will be required to return all funds received. In addition, such individuals and entities will be liable upon summary conviction, to the following punishment:
(a) Body corporate; a fine of between 2500 to 5000 penalty units.
(b) Director of a Body Corporate or other body of persons; a fine of between 1500 to 3000 penalty units or a term of imprisonment between two (2) to four (4) years.
(c) An Individual; a fine of between 1500 to 3000 penalty units or a term of imprisonment between two (2) to four (4) years per section 22 of Act 930.
“The Bank of Ghana therefore informs the general public as follows: It is illegal for any person or institution without the mandate and authority of the Bank of Ghana to advertise and engage in “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” activities on traditional and social media platforms, Such persons and entities offering “Money Doubling” and “Card Loading” or “Credit Card Loading Systems” services are cautioned to desist from doing so immediately.”
“The general public is encouraged to verify with the Bank of Ghana or other relevant authorities, the licensing status of persons for entities before depositing funds with them. Members of the public are reminded to place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the protection available under the banking laws.”
“The Bank of Ghana wishes to notify all media outlets including radio, television and online channels NOT to permit the advertisement of “Money Doubling” and “Card Loading” or “Credit Card Loading Systems” on their platforms. The media is encouraged to verify the licensing status of such entities with Bank of Ghana, before advertising their products and services,” the BoG noted.
