The Bank of Ghana is warning the general public to be wary of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”, saying, the scheme is fraudulent and does not reward investors as promised.

According to the Central Bank, this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.

“This scheme encourages customers to select preferred packages, following which a code is generated by the fraudsters with which they obtain the WhatsApp accounts of their victims for spurious purposes”, it pointed out in a statement.

“The general public is cautioned against patronage of this and other similar unsanctioned schemes. Bank of Ghana states that it has not licensed any entities or individuals engaged in ‘Money Doubling’”, it added.

It advised the public to verify with the Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them; place deposits only with institutions licensed by Bank of Ghana, in order that they may be accorded the necessary protection offered under the applicable banking laws and refer to Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12, which can be found on the Bank’s website: www.bog.gov.gh.

BoG cautioned against other fraudulent activity  

The BoG also cautioned the public not to participate in this illegal and fraudulent activity to avoid loss of funds.

“Any individual or entity that participates in such or similar schemes does so at their own peril”.

It urged the public to report such activities.