Business Reporter
THE Bank of Namibia has said that it is concerned about the escalation in the number of fraudulent investment scam activities, targeting and using references to the Government, its Ministries, Offices, and Agencies.
The Bank has identified fraudulent investment scam activities, offering unsolicited financial assistance to fund Namibia’s developmental initiatives, with perpetrators applying particular focus on senior public figures, high-ranking government officials, politicians, and civil servants, to promote the fraudulent scam.
Naufiku Hamunime, spokesperson of the central bank, explained that the perpetrators of these scams claim to be in possession of large investment funds, valued in the millions and billions of United States American Dollars or Euro, or a combination of both, which they claim will be used to finance Namibia’s development and support mega construction projects.
“Purported investment documentation presented by the perpetrators include, amongst others, forged copies of SWIFT money transfers and/or forged payment transactions and/or both, to local commercial banks. The documentation further contains purported payment instructions that the funds are to be received for the Government’s developmental initiatives. The perpetrators further use the purported investment documentation to claim that the recipient commercial banks who purportedly received the SWIFT money transfers and/or forged payment transactions and/or both, are refusing to release the funds, warranting the intervention of the Bank, to compel recipient banks to release such funds; or that the Bank must open an account in its Banker of Government domain, to receive the purported funds,” Hamunime said.
The Public Relations officer added that the central bank, based on outcomes of analyses and verifications done, determined that the purported investment transfers via SWIFT money transfers and/or foreign payment transactions and/or both are non-existent.
“The Bank further determined that forged documentation is presented and used by the perpetrators to give the appearance of legitimacy to the purported SWIFT money transfers and/or forged payment transactions and/or both. The Bank further confirms that documents associated with these types of scams have noticeable flaws, including typographic errors, inconsistencies in information, and the use of fake logos on letterheads sourced from unknown origins,” Hamunime said.
The central bank spokesperson concluded that the public as such is cautioned to be on the lookout for the type of scams described hereinbefore, recognize the referred to distinctive features, verify information, and promptly report any suspicious activity to the Bank of Namibia at [email protected] or to the Financial Intelligence Centre at [email protected] or the Namibian Police Force for investigation and potential prosecution.
“Namibia is identified as a focal point for investment, particularly in light of the recent discoveries of oil and gas, as well as the development of green hydrogen initiatives. The Bank has never imposed restrictions on investment funds geared towards opportunities that may contribute towards economic growth or development in the country. However, investments facilitated by individuals in Namibia must undergo appropriate validation as per applicable domestic laws before they can be channeled into the country for designated projects,” Hamunime said.
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