How To Spot The Scams?
Illegal deposit taking scam o The person (an individual, a company or an organisation) receives, takes or accepts deposits from members of the public and is not licensed under section 6(4) of the BAFIA; o The person promises to repay the deposit, with or without interest or returns, over a period of time in the form of money or money’s worth, etc.; and o The person promises to repay the initial deposit upon demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, with any consideration in money or money’s worth (the repayment of initial deposit is sometimes included in the fixed interest or returns promised). Warning Signs for Investors • Illegal deposit taking activities have been disguised and camouflaged in various forms to deceive the public to fall victim to the investment scams, by giving valuable goods as part of the promised returns and camouflaging the deposits as loans to the company; • Illegal deposit taking
• • The person (an individual, a company or an organisation) receives, takes or accepts deposits from members of the public and is not licensed under section 6(4) of the BAFIA; • The person promises to repay the deposit, with or without interest or returns, over a period of time in the form of money or money’s worth, etc.; and • The person promises to repay the initial deposit upon demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, with any consideration in money or money’s worth (the repayment of initial deposit is sometimes included in the fixed interest or returns promised).
