Bank of Zambia warns public on GDN/Zed Chilimba pyramid scheme

THE Bank of Zambia (BoZ) has warned members of the public to be aware of a group of criminals operating as Global Dream Network (GDZ) which has been offering illegal financial services to the people.
According to the Central Bank, Global Dream Network has been offering a financial service by collecting deposits from members of the public using social media platforms especially WhatsApp.
“BoZ’s review of the business model of Global Dream Network has revealed that the company is in effect engaging in a ‘money circulation scheme,’ which is prohibited under Section 157 of the BFSA,” reviewed BoZ in a statement.
The Central Bank added that, the same WhatsApp administrators are enticing would be participants to invest a minimum of K350 and get a return of K100 cash after recruiting two people at the first level.
It also revealed that the scheme promises up to K32, 000 in returns at level four.
BoZ has also warned that anyone who participates in the scheme is liable for criminal sanctions.
“The Bank of Zambia wishes to also warn members of the public that, according to Section 157 of the BFSA, it is illegal to conduct, participate and issue notice or other documents inviting members of the public to subscribe to a money circulation scheme. Participants and promoters are both liable to criminal sanctions upon conviction,” BoZ stated.
It advised members of the public to desist from getting involved and to further be alert to investments that promise huge returns without underlying economic activity.

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News Source: Mwebantu

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