More Than 50,000 In PNG Apparently Duped By Investment Scam

United Arab Emirates denies having millions of kina that small investors provided in exchange for promises of 'windfall'

PORT MORESBY, Papua New Guinea (PNG Post-Courier, March 22, 2017) – More than 50,000 Papua New Guineans are paying large sums of monies as ‘fees’ to await a windfall of ‘millions of kina’ from Israel and the United Arab Emirates

The United Arab Emirates have denied suggestions that they are holding "millions of kina" belonging to small Papua New Guinea investors.

The investors – ordinary working Papua New Guineans and retired service personnel and public servants – have been gathering at Apex Park in Boroko for months awaiting the arrival of their windfall from Abu Dhabi, the capital of the emirates.

Others who pay between K400 [US$123] and K1000 [US$307] for membership have been told that some of their investments were also in Israel, ready to be brought onshore.

Agents of the money scheme are also operating in Lae, Mount Hagen, Northern Province, East New Britain, Autonomous Region of Bougainville and several Highlands provinces. The scheme has a membership estimated at more than 50,000 nationwide.

The investors have been told that there was an immediate K50 million [US$15.3 million] out of the K100 million [US$30.7 million] parked in Abu Dhabi and Dubai, also in the emirates, "almost" ready to be transferred to a commercial bank in PNG and the central bank Bank of PNG to be deposited into individuals accounts.

But the Government of the United Arab Emirates (UAE) has denied any involvement with Papua New Guinea investments, let alone any such arrangements.

Newspaper colleagues at the Khaleej Times, the longest running English-language newspaper in the UAE, and another daily English language newspaper co-operated with Post-Courier to seek assistance from their government on whether PNG had "millions" in the UAE. Same questions were sent to Israel. A response was received from responsible UAE authorities, but the Israeli Government did not bother to reply saying what the PNG money schemers were claiming "was utter rubbish".

Office of the UAE Finance Minister KaHamdan bin Rashid Al Maktoum, office of Foreign Affairs and International Co-operation Minister Sheikh Abdullah bin Zayed bin Sultan Al Nahyan and office of Minister of State for International Co-operation Reem Bint Ibrahim Al Hashimy said there was no such arrangements with UAE banks and it was a pyramid scheme.

"We are not aware of any such activities and monies for that country parked here. If there are any, it will be done through government to government and will be announced officially or on a bilateral level. But, No none!" they said.

People from all walks of life gather at several parks in Port Moresby to be told by agents that they have to contribute K400 to K1000 to be transferred to their "master" in Israel or the United Arab Emirates for their "millions" to be released to PNG banks.

The "master agent" was aggressive with Post-Courier when contacted and refused to speak on record, claiming the newspaper was "interfering in their godly chosen activities as they were rushing to get their funds onshore."

Bank of PNG Governor Loi Bakani said in plain simple language: "This is an illegal pyramid scheme which people should not entertain and engage in."

Mr Dubai also denied such financial arrangements between PNG and UAE and Israel.

PNG Post-Courier
Copyright © 2017 PNG Post-Courier. All Rights Reserved

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Comments

It is true with all those money schemes problems of false hope. You will see that most are those uneducated and an handful of educated people that gives them support which then boost their moral support in confirming that all is 100% true. Until now just last month in June 2017, I overhead them saying each member has to bring K100 each to collect their cards which contains a large sum of money inside. So people were thinking, what is K100 compared to thousands of kina? So off they go sweating again to look for money to bring in. Very, very sad indeed. To continue, they said they will pay out in the month of July, right after the 2017 national election. Same excuses over & over again. Mark my words, you will still wait............

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