8 January 2025
Scores of Batswana are recruited into passive money laundering schemes, as international criminals exploit their bank accounts to move millions of Pula out of the country, the financial watchdog has cautioned this week. The Financial Intelligence Agency (FIA) said a growing trend has intensified over the past recent months.ย
The watchdog said it has observed that individuals are being lured, mainly through social media and phone calls from anonymous sources, to participate in fraudulent crowd-funding ventures and offers of loans outside the country.
According to the FIA, a significant number of Batswana is being recruited to transfer money to foreign countries in exchange for a commission. This practice, known as “money mule” recruitment, involves individuals being unknowingly enlisted to move potentially illegally acquired funds across borders.ย
Often, the victims are offered “easy money” or “fast money” in exchange for their participation in the scheme, with many not fully understanding the illegal nature of the activities they are involved in.
The FIA explains that a typical scam involves the victim’s mobile wallet or bank account being credited by an unknown source, followed by a call from an anonymous person claiming the funds were mistakenly transferred.ย
The victim is then instructed to send the money to a foreign account, keeping a portion for themselves. This process is often accompanied by promises of further earnings and requests to recruit others into the scheme.
In addition to the money mule scheme, the FIA has also highlighted the rise of loan scams targeting vulnerable individuals. Fraudsters approach potential victims on social media, offering loans in US dollars and asking for personal information such as Omang numbers, employment details, and proof of residence. After victims are asked to deposit an advance payment for processing fees, the fraudsters gain access to their electronic wallets and transfer funds to accounts in other jurisdictions.
The FIA also warned about illegal deposit-taking practices, where unlicensed individuals solicit funds from the public for purported online investments in cryptocurrency, forex, and other financial products. These scammers often pose as registered investment professionals, directing victims to deposit money into their accounts. Once the funds are collected, the perpetrators disappear without providing any return on the investment.
The FIA urges Batswana to remain vigilant and report any suspicious financial activities to authorities to avoid becoming victims of these fraudulent schemes.
Source: Business Weekly & Review
