Public Notice – Money Schemes

The Bank of Papua New Guinea (the Bank) continues to warn the public to be cautious and avoid doing business with fast money schemes. The Bank strongly advises the public against putting money in fast money schemes, as they are illegal and fraudulent. People who place their money with promoters or agents of these money schemes risk losing their hard earned cash.

The Bank is aware of certain individual(s), agents or groups who ask innocent individuals and companies to pay cash with a hefty promise of 100-2000% return on investment. They also claim that a huge sum of money (often in billions/trillions) is held by the Bank of PNG and is awaiting clearance for immediate payment. Similar scams have also been reportedly operating in many other parts of PNG.

The Bank is also aware of recent scams using mobile phone text messages, fraudulent documents with the signature of the Governor of the Bank, names of the Prime Minister, Government Ministers and politicians, winning of lotteries and prizes, upfront fees for facilitating access to funds held in offshore accounts and other fraudulent means. Promoters of these scams always request for cash fees to be paid up front. Do not be fooled into paying up front fees. These are all different types of scams and are illegal.

Be warned that the Bank of Papua New Guinea does not deal with financial transactions for any individuals or private groups. The Bank only deals with the Governments transactions and therefore warns the public to be careful and avoid giving money to individuals and groups that promise to pay high returns.

If you have given your money to these money schemers, you should report those individual(s) to the Police to prosecute them, or demand your hard earned money back from them. If it is a person living overseas do not send money to their nominated account.

The Bank encourages the public to use the licenced financial institutions.

REMEMBER: DO NOT PLACE YOUR MONEY WITH ILLEGAL FAST MONEY SCHEMES AND SCAMS. YOU SHOULD USE THE SERVICES OF LICENSED FINANCIAL INSTITUTIONS ONLY.

Authorised By:

LOI M BAKANI

GOVERNOR