In a joint effort, the Financial Intelligence Unit (FIU) and key stakeholders are delving into potential illicit activities involving Super Advertis, an entity suspected of exploiting various mobile money platforms in Sierra Leone to illicitly amass deposits under the guise of investment opportunities.
Operating without the necessary licenses, Super Advertis has allegedly been offering unregulated financial services through mobile money agents, accumulating funds purportedly designated for investments.
This suspected “PONZI SCHEME” functions by reimbursing existing investors with contributions from new investors rather than legitimate profits from a lawful enterprise. Investors are misled into thinking profits derive from genuine business operations, while they actually originate from new investors’ deposits.
Mobile money service providers, including Orangemoney and Afrimoney, have implemented measures to restrict access to third-party accounts associated with the suspected fraud, collaborating closely with relevant authorities during ongoing investigations.
The FIU cautions the public against engaging with individuals or institutions offering investment opportunities and urges thorough due diligence to ensure satisfaction with the legitimacy of any business before financial involvement.
Remaining steadfast in its commitment to safeguard public interests and uphold financial system integrity, the FIU promises further updates on the investigation as progress unfolds.
Members of the public are encouraged to report any suspicions of dubious financial dealings to the FIU or appropriate authorities for swift action.
