Financial Crime World

Title: Bhutan Warns Public of Surge in Financial Scams Amidst Increasing Overseas Migration

Rising Number of Financial Scams Among Bhutanese Citizens Abroad

The Royal Bhutan Police reported a significant increase in financial scam cases among Bhutanese citizens overseas. In the first two and a half months of the year, 13 financial scam cases were reported — more than twice the number recorded in the previous year. The total estimated loss for unsuspecting victims since the beginning of 2023 has been Nu 10 M.

Various Tactics Used by Scammers

Con artists have deceived unsuspecting Bhutanese citizens by using diverse and deceitful tactics. Some have falsely promised lottery wins, heavily hyped investment opportunities, and endorsed Bitcoin and other digital currencies.

Personal Story of a Victim: Dorji

One victim, a student named Dorji, shared her harrowing experience. While awaiting her visa to study abroad, she received a call from someone posing as a Bhutanese embassy representative. Convinced, she disclosed her personal information and financial details, ultimately losing over Nu 100,000. The fraudsters then demanded more information from her family members, threatening to withhold her refund. After reporting the incident to the Department of Law and Order (DLO), they froze the scammer’s bank account.

Public Notifications and Campaigns

To prevent further financial scams and increase awareness, various departments and financial institutions — including the DLO and banking institutions — are collaborating on public notifications and campaigns.

Scammers Posing as Embassy and Visa Office Officials

The DLO issued a statement that scammers often pose as officials from embassies and visa offices, requesting sensitive information to gain access to victims’ bank accounts for fraudulent transactions.

Protecting Yourself: Security Practices

  • No OTP Disclosure: Scammers may ask for One Time Passwords (OTPs). Neither embassy nor banking officials request OTPs over the phone or via email.
  • Mobile App Login Credentials: Beware of sharing mobile app login credentials or OTPs with strangers.
  • Avoid Lending, Renting, or Sharing Banking Accounts: Such actions may facilitate scammers to conduct illicit transactions.

Consequences for Account Holders

Account holders could face legal consequences for unauthorized transactions if their accounts are traced to any fraudulent activities.

Staying Vigilant

Even with collaboration from various agencies and increasing awareness, it is crucial for the public to remain cautious. “These criminals are becoming increasingly sophisticated,” warned Karma Dorji, a senior officer at the Department of Law and Order. “Always double-check any suspicious solicitations or unverified contacts.”