The Tribune

THE Financial Crimes Intelligence Branch of the Royal Bahamas Police Force has warned people not to participate in an online fraud scheme promising a $1,000 payout.

In a statement released over the weekend, police said they are “aware of a voice note going around on social media inviting persons to a Zoom meeting and promising the disbursement of cash to those who participate.

“The fraudsters are promising $1,000 to each participant in the Zoom call from a fake Central Bank account. Please be aware this is a scam and residents should not participate.”

In September, the Securities Commission reissued warnings against falling victim to Ponzi and pyramid schemes that promise large payouts after a person pays a sum of money under the guise of an investment plan.

At the time, the commission said it was made aware there is an increasing presence on social media and other internet sites of advertisements or invitations to members of the general public to join purported financial programmes in which an individual pays a certain sum of money to join, then in turn must solicit and encourage other individuals to join in order to receive a large cash pay-out.

The schemes, originated in the US, have made their way to The Bahamas, where people are particularly vulnerable due to the financial downturn caused by the COVID-19 pandemic.