Money doubling by ‘Worldremit’ is a fraudulent scheme – BoG warns public

The Bank of Ghana (BoG) has cautioned the public against the patronage of the services of Worldremit, noting that their ‘money doubling scheme’ operating in Ghana is fraudulent.

The central bank explained that the fraudulent scheme was distinct from the globally renowned financial technology (fintech) WorldRemit which provides international money transfer and remittance services.

Providing details about the operations of the scheme which operates through WhatsApp, the BoG, said, “his scheme encourages customers to select preferred packages, following which a code is generated by the fraudsters with which they obtain the WhatsApp accounts of their victims for spurious purposes.”

The bank emphasised in a scam alert issued on Thursday, October 14, that, “the scheme is fraudulent and does not reward investors as promised.”

It has since cautioned the public against the patronage of the scheme to other similar unsanctioned schemes, adding that it has not licensed any entity or individuals engaged in ‘money doubling.’

In this regard, the public has been advised to take always verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them.

Again, the public has been urged to place deposits only with institutions licensed by BoG, in order that they may be accorded the necessary protection offered under the applicable banking laws.

The Bank also cautioned the public “not to participate in this illegal and fraudulent activity to avoid loss of funds. Any individual or entity that participates in such or similar schemes does so at their own peril.”

Additionally, the public has been advised to bring to the Bank of Ghana’s notice attempts at money doubling and card loading systems. This is a reiterations of a notice was issued in October of 2020.

In that notice, the bank explained that those practices involved inviting members of the public through traditional and social media outlets, to deposit money through various payment service providers’ platforms or other channels, in return for attractive returns or opportunities.

According to the central bank, the said individuals and entities in question, commit an offence and would be required to return all funds received.

In addition, such individuals and entities will be liable, upon summary conviction, a fine of between 2500 and 5000 penalty units (GH₵60,000) for a corporate body.

For a Director of a corporate body or other body of persons, there would be a fine of between 1500 and 3000 penalty units (from GH₵18,000 to GH₵36,000) or a term of imprisonment between two and four years.

In the case of an individual, there would be a fine of between 1500 and 3000 penalty units (from GH₵18,000 to GH₵36,000) or a term of imprisonment between two and four years per the Banks and Specialised Deposit-Taking Institutions Act, 2016, section 22 of Act 930.

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