Namibia Warns of Surge in Investment Scams Targeting Public Figures and Officials
The Bank of Namibia (BoN) has issued a warning to the public about an alarming increase in investment scam activities that are exploiting references to government ministries, offices, and agencies. These scams have been targeting senior public figures, high-ranking government officials, politicians, and civil servants.
Scam Tactics
Perpetrators of these fraudulent activities claim to possess large investment funds worth millions or billions of US dollars or euros, purporting to finance Namibia’s development and megaconstruction projects. They allegedly offer unsolicited financial assistance for the country’s developmental initiatives, presenting forged documentation including copies of Swift money transfers and/or foreign payment transactions to local commercial banks.
Red Flags
The Bank of Namibia has determined that these purported investment transfers via Swift money transfers and/or foreign payment transactions are non-existent, with forged documentation used to create an appearance of legitimacy. Documents associated with these scams exhibit noticeable flaws such as:
- Typographical errors
- Inconsistencies in information
- The use of fake logos on letterheads from unknown origins
Bank’s Position
The central bank has clarified that it neither receives nor facilitates transactions on behalf of private individuals, legal entities, or legal arrangements, except when acting on behalf of the government. Bank Governor Johannes !Gawaxab emphasized Namibia’s openness to foreign direct investment accompanied by thorough validation as per domestic laws.
Warning
“The integrity of the financial system cannot be compromised,” !Gawaxab warned. “The Bank of Namibia will remain steadfast in upholding its statutory commitment to safeguard the integrity and stability of the financial system and prevent its potential abuse through fraudulent means.”
Public Advisory
The public is advised to exercise extreme caution when dealing with such offers, as they may be a scam designed to dupe unsuspecting victims out of their hard-earned cash. If you suspect an investment opportunity is too good to be true, it probably is. Be vigilant and do not hesitate to report suspicious activities to the Bank of Namibia or other relevant authorities.