Fraudulent Investment Scams

02 February 2024 | Media Release
  The Bank of Namibia (the Bank) has noted with concern an escalation in the number of fraudulent investment scam activities, targeting and using references to the Government, its Ministries, Offices, and Agencies.

The Bank has identified fraudulent investment scam activities, offering unsolicited financial assistance to fund Namibia’s developmental initiatives, with perpetrators applying particular focus on senior public figures, high-ranking government officials, politicians, and civil servants, to promote the fraudulent scam.

The perpetrators of these scams claim to be in possession of large investment funds, valued in the millions and billions of United States American Dollars or Euro, or a combination of both, which they claim will be used to finance Namibia's development and support mega construction projects.

Purported investment documentation presented by the perpetrators include amongst others, forged copies of SWIFT money transfers and/or forged payment transactions and/or both, to local commercial banks. The documentation further contains purported payment instructions that the funds are to be received for the Government’s developmental initiatives.