Financial Crime Investigation Methods Unveiled in Sierra Leone: A Cautionary Tale of Super Advertis Scam

Joint Investigation Launched into Suspected Financial Crimes

A joint investigation led by the Financial Intelligence Unit (FIU) has been launched to investigate the suspected unlawful activities of Super Advertis, an entity accused of using mobile money platforms to accumulate deposits from the public under false pretenses.

The Scam: A Ponzi Scheme in Disguise

Super Advertis presented itself as an investment opportunity, but in reality, it is believed to be engaging in unlicensed and unregulated financial services. The scam operates by reimbursing existing investors with funds contributed by new investors, rather than generating legitimate profits from genuine business operations.

Investors Misled into Believing Legitimate Returns

Investors are misled into believing that their returns stem from the entity’s lawful business activities, when in fact they come from the deposits of newer investors. This scheme is eerily reminiscent of a classic Ponzi scheme, where investors are paid returns with money from new investors rather than from legitimate profits.

Collaboration between Authorities and Mobile Money Providers

Mobile money service providers Orangemoney and Afrimoney have taken measures to limit access to third-party accounts used by the suspected fraudsters. They are actively collaborating with authorities in the ongoing investigation to combat financial crime.

Public Cautionary Advisory Issued

The FIU has issued a cautionary advisory to the public, urging them to exercise extreme caution when encountering individuals or entities offering investment opportunities. The unit emphasizes the importance of conducting thorough due diligence before engaging in financial investments, ensuring complete satisfaction regarding the legitimacy of any business.

Reporting Suspected Financial Crimes

Individuals are encouraged to report any suspected dubious financial activities to the FIU or relevant authorities, contributing to efforts in combating fraudulent financial schemes. By working together, we can safeguard the public’s interests and preserve the integrity of financial systems.

FIU’s Commitment to Transparency

The FIU assures the public that it will provide further updates as the investigation progresses, demonstrating its commitment to transparency and accountability. The unit’s primary focus is on safeguarding the public’s interests and preserving the integrity of financial systems.