Martin Endjala
The Bank of Namibia (BoN) issued an alert in which it warned the public about rising fraudulent investment schemes falsely promising financial backing for Namibia’s development initiatives.
BoN cautioned that these schemes are targeting high-ranking government officials, ministries, traditional leaders, and prominent public figures, exploiting their reputations to lend credibility to deceptive offers.
“Of late, the bank has observed that prominent religious and traditional leaders, as well as church elders, are also approached to advance these investment schemes to their church communities by using their influence,” said Johannes !Gawaxab, the central bank’s governor.
He explained that the people behind these schemes often present enticing opportunities, such as billions in humanitarian funding with no interest or collateral requirements.
They misrepresent themselves and use the names of government offices, ministries, and agencies to entrap individuals and institutions in illicit activities.
He explained that these offerings are so appealing to vulnerable communities that religious leaders, in a desperate attempt to participate, hand over the little they have collected from their church communities.
“These fraudsters claim to have access to vast sums of money, often valued in the millions or billions of US dollars or euros, and present these funds as investments to finance Namibia’s economic development and mega construction projects,” he said.
He added that they are attempting to make their scams appear legitimate by primarily using falsified documents, such as forged SWIFT transfers or Money Order payment confirmations, to deceive individuals into engaging in these illicit activities.
The criminals behind these schemes reportedly apply pressure by falsely claiming that local commercial banks are withholding the funds.
They then request intervention from the Bank of Namibia to release these nonexistent funds.
Some even go to the extent of asking victims to open bank accounts in order to receive these fictitious investments.
He noted that these individuals misuse the central bank’s name to create the false perception that commercial banks are blocking their funds, without the victims understanding the central bank’s role as a banker for the government and not for the public.
Following extensive investigations into these schemes, BoN has confirmed that the supposed SWIFT transfer or Money Order payments do not exist and are fictitious.
It also stated that the documents presented by some unsuspecting Namibian nationals are fraudulent, often riddled with typographical errors, inconsistencies, and logos sourced from questionable origins.
These clear warning signs, he believes, indicate that the investment offers are nothing more than scams aimed at exploiting unsuspecting individuals.
As a result, the bank urges members of the public to remain vigilant and report any suspicious investment schemes.
“If approached by individuals claiming to offer large-scale funding for Namibia’s development, especially when unsolicited documents or promises of extraordinary financial returns are involved, it is critical to verify the authenticity of the offer with relevant authorities before proceeding,” he cautioned.
He emphasised that such schemes not only endanger individual investors but also pose a threat to the financial stability of the entire country.
The bank reassures the public that it remains vigilant and will continue safeguarding the integrity and stability of Namibia’s financial system.
In June this year, Prime Minister Saara Kuugongelwa-Amadhila was the latest victim of fraud after N$159,000 was stolen from her, involving her daughter’s bank account. She has opened a case with the police, but no arrests have been made so far. Investigations are still ongoing.
