Economy

BoZ warns of increased fraud in the banking sector

BANK of Zambia has warned of illegal schemes in which unsuspecting participants are being swindled out of huge investments.

According to Bank of Zambia (BoZ), some individuals have been approaching members of the public, asking them to deposit funds into various accounts for bogus investments.

BoZ head of public relations Kanguya Mayondi named Lwesa Community Empowerment Club, Lwesa Community General Dealers, Lwesha Club, Roozberg Enterprises and Fountain of Success Empowerment as some of the organisations involved in such unlicenced and illegal activities.

“The schemes are of various forms but all promise high returns to individuals who are recruited by depositing money into an account, after which they are issued with a bogus investment document,” Mayondi stated last week.

Source: The Post Newspaper

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