By Chernor Alimamy Kamara
The Financial Intelligence Unit (FIU) in collaboration with pertinent stakeholders is investigating an online money-making platform named Super Advertis suspected of unlawful activities, an entity using various mobile money platforms in Sierra Leone to solicit deposits from the public under the guise of investments.
The platform is said to have defrauded Sierra Leoneans of over OLe 9000,000,000 (nine billion Old Leones).
FIU in a media release issued on the 4th of January 2024 noted that Super Advertis has been engaged in unlicensed and unregulated financial services specifically using mobile money operator agents to accumulate purported investment funds.
It stated that the scam which is believed to be a "Ponzi Scheme" operates by reimbursing existing investors from contributions made by new investors, rather than legitimate profits from a lawful business enterprise. The unit pointed out that investors are misled into believing that profits emanate from legitimate business operations, when in fact, they originate from new investors' deposits.
It stated that Mobile money service providers including Orange Money and Afri-money have taken measures to restrict access to the third-party accounts used by the suspected fraudsters, and are collaborating with relevant authorities in the ongoing investigations.
The FIU advises the public to be cautious in dealing with individuals or institutions offering investment opportunities. It further entreats the public to conduct due diligence, ensuring complete satisfaction with the nature and legitimacy of any business before engaging in financial investments.
It promised to provide further updates on the investigation as the inquiries progress and remains committed to safeguarding the interests of the public and maintaining the integrity of financial systems. It also encouraged the public to reach out to the Unit or the appropriate authorities to report suspected dubious financial dealings.
An announcement from Super Advertis indicated that since its accounts have been frozen by the Orange operator, the Company cannot operate normally, saying if Orange does not unfreeze its accounts, it will result in the inability to complete all contracted tasks of the partner and cause the bankruptcy of the company.
However, a press release issued by Orang Mobile Finance on the 3rd January 2023 reiterated to the public that it has no contractual relationship with Super Advertis and that they do not have any frozen account that belongs to them on its Orange Money platform.
It stated that Orange Money agents are restricted by the scope of their contractual operation, saying where they act outside of their scope, the company is obliged by regulation to take necessary action to mitigate such risk in the interest of protecting their customers.
The company urged customers who have transacted on the said website to contact the respective agent through whom the payment was made for refund processing if necessary.
It is further said to have noticed some incitement on social media on behalf of Super Advertis for the public to vandalize their premises and properties which they strongly admonish them to desist from encouraging such inciting comments.
According to a victim from the Super Advertis scheme he was told of the “money-making machine” scheme by a friend who convinced him that by investing some amount of money, he would have a double of what he invested. So he said he ended up registering NLE50 and invested NLE 230 (two hundred and thirty New Leones) before realizing that it was a scam.
Copyright © 2024 Politico (10/01/24)
