Central bank exposes fraudulent deposit-taking schemes – Mozambique

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Central bank exposes fraudulent deposit-taking schemes – Mozambique

2:51 CAT | 18 Jul 2016

File photo / Maputo offices of Mozambique's Central Bank

In the course of regular inspections, the Bank of Mozambique has found that operations legally reserved for banks and other institutions authorised to receive deposits and other repayable funds, are being undertaken without permission by ineligible natural and legal persons

These operations consist of pyramid schemes which promise monthly interest of 30 percent, and whose success depends on a flow of new depositors sufficient to pay the returns advertised.

In a press release quoted by O País, the Bank of Mozambique reports that such schemes, in addition to being technically unsustainable, are fraudulent and illegal, and calls on the public to avoid getting involved, on pain of irreparably losing their deposits.

The Bank of Mozambique has roundly condemned the perpetrators of such schemes and has passed its finding to the relevant authorities so that appropriate measures can be taken to protect citizens and the national economy.

Source: Rádio Moçambique