Mozambique: Second Fraudulent Bank Closed Down

Maputo — The Bank of Mozambique has referred to the public prosecutor a private bank which promised investors returns of up to 50 per cent within 12 months, and has immediately suspended its operations.

A Monday release from the central bank said it had sent a team to inspect “Bank Invest”, and found that it was practicing “without due authorisation, operations legally reserved to credit institutions, and other institutions authorised to attract deposits”.

Bank Invest, owned by Arcelio Tivane, had taken funds from members of the public under contracts which promised returns of between three per cent and 50 per cent in periods ranging from one to 12 months.

The central bank warned the public not to sign contracts “of an illegal and fraudulent nature”.

Tivane calls himself a coach and a businessman, promising riches to those who follow his advice. According to a report in Tuesday’s issue of the independent newssheet “Carta de Mocambique”, he runs the “Millionaire Formula Workshop” which has a website promising “how to make a million in 30 days”.

The “Ninth Millionaire Formula Workshop”, it claims, is a series of video-classes, free of charge, intended to present “the day-to-day routines used by ordinary people to attain wealth, prosperity and well-being, to start up your business by digital marketing, and to get rid of debts”.

“Millionaire Formula 2.0”, which was scheduled for 16-20 March before the central bank stepped in, promised to show adherents how to become millionaires in a month. Tivane described this scheme as “the most complete financial education course in Mozambique and in Africa”.

This is the second fraudulent institution that the Bank of Mozambique has shut down this month. The first called itself “E2U Investments” and, just like Bank Invest, it promised investors fabulous returns

The central bank found that “E2U Investment” clients were invited to invest, either in the local currency, meticais, or in Bitcoin, “through signing contracts with a promise of remuneration at a variable interest rate of up to 90 per cent, to be paid within 90 days”.

The Bank of Mozambique warned citizens against “the vulnerability and frauds linked to crypto-currencies and financial intermediation, in the form of brokerage or other financial operations”.

In both cases the central bank wants the authorities “to take appropriate measures to protect citizens and the national economy and to hold the offenders responsible for their actions”.

Source: Agencia de Informacao de Mocambique