IN yet another public warning, the Bank of PNG released an official statement warning individuals and businesses on the increase of illegitimate agents promoting high returns and investment opportunities.
The rise in investment schemes has become a concern for the central bank after a noticeable trend has come to their attention.
“The Bank has become aware recently of certain agents who have promoted schemes involving the collection of monies from the public in order to invest in operations or establish financial institution(s),” Governor Loi Bakani said.
In an effort to ensure the public takes notice of this before falling victim to it, Governor Bakani continues to sound the warning for public to take heed.
“The Bank of Papua New Guinea (the Bank) continues to warn the public, business entities and individuals to be cautious and avoid placing their hard earned money with promoters or agents of various schemes such as money scams with the promises of higher returns in shorter period, setting up a licensed financial institution (LFI) and others.”
The central bank has reminded the public again that they regulate financial institutions to protect their (the depositors’) money and interest, as well as maintain financial system stability.
“There are very strict and rigorous requirements under the Banks and Financial Institutions Act and Regulations for a license to be awarded to an applicant to operate as a financial institution. Once licensed, the financial institution must continue to comply with strict regulations, standards and guidelines in order to maintain their licence.”
He said it is now evident to the bank that for those involved in the schemes, there has been a lack of compliance and adherence to proper conduct as licensed financial institutions.
“In applying for a licence to operate a bank or financial institution must be taken seriously and any investment in any promoter or agent purporting to incorporate and establish a bank or licenced financial institution must be made with proper due diligence as to the legitimacy of that agent/entity and its ability to obtain a licence.
“If you are approached by any such agents or promoters or have lost your money to these schemers, you should report these individuals/organizations to the Police,” Governor Baki reiterated.
Mr. Bakani, thank you for the alert message. But let me give hints on a way forward as an ordinary citizen on how to disregard and reduce the risks of such scams to our citizens. 1. Set up a complain Desk with BPNG. 2. All Banks in PNG to set up complain Desks. Through the complain Desks notices must be given out to citizens to lay complains for investigations on the scams and cults money schemes. Did you know that these money laundering groups call your name as a beneficiaries and investor in their schemes? The former Prime Ministers are mentioned as beneficiaries as well. If such an organized administration is set up in the Banks and other financial institutions this issue will be taken care properly and those responsible rounded up and charged. Currently, they have gone to the extreme of luring the illiterates and semi-educated people for cash payments ranging from 200-500 Kina saying they have deposited Gold Bar wealth millions of Kina with BPNG and are waiting payout. And in order to clear the process to release those millions these illiterates and semi-educated fools in the villages and settlements are told to pay legal fees, membership fees, clearance fees, transfer fees, accounts fees, Chairman’s allowance, etc. This is insanity. The BPNG has to intervene and arrest all these culprits.
[…] Bank of PNG Governor Bakani warns of scams […]
In support of the above statement, BPNG should as early as possible send an investigating team to all provinces to investigate such practices taking place like “Tin can, Papaline, Najo, Gold bar etc.. and have those leaders prosecuted.
Earlier the better..
Worst of all is Madang Province I presume.
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