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Oman- CBO warns public against fraudsters, fictitious companies  Join our daily free Newsletter

MENAFN - Muscat Daily - 16/06/2014
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(MENAFN - Muscat Daily) The Central Bank of Oman (CBO) has asked the public to be aware of fictitious companies and individuals attempting to dupe them.

The bank has stated that several such companies and fraudsters operating from other countries are contacting citizens and expatriates through e-mails and faxes saying that they have won lotteries or draws, or even offering them profitable deals in return for assistance in getting access to banking and financial facilities in Oman.

According to CBO, speculative dealing in foreign currencies under prevailing laws and regulations is prohibited in Oman. Dealers or brokers offering these services under what is dubbed trade representation or agency activity on behalf of institutions based abroad are not approved.'

The bank stated that another fraud which has come to light is the use of fake/stolen cheques drawn on banks abroad and the subsequent sale of these instruments to unsuspecting members of the public after endorsement and at a discount, with the promise that the new holder (alleged payee) will be able to encash these at local banks realising full value.

It stated that another fraud which has been detected is the promise of loans being made available in advance against surety of bank securitiesnd/or fixed deposits. These people offer to deposit money into the bank accounts of Omanis/expatriates and local companies with a promise that they will earn profits through commissions.'

The CBO has said that people are likely to be duped if they accept such offers.

It has stated that dealings with unauthorised money remitters (both individuals and establishments) who conduct transactions through telegraphic transfers, pre-signed and post-dated cheques and cash invoices are not permitted. Some institutions/individuals under different names, such as portfolios' and so on, have surfaced lately to collect funds from citizens and residents to invest in financial instruments, such as stocks and bonds, as well as indulging in currency speculation and similar financial activities through pre-determined interest rates paid monthly or according to the agreement.'

The CBO has urged the public not to deal with unauthorised entities.

They should confine all their dealings to licensed institutions and seek the advice of their banks and experts, including the accreditation, legality and reliability of the persons/institutions offering these products and services.

Any unauthorised and suspicious approaches should immediately be reported to the ROP and the


 


Muscat Daily




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