​A number of complaints were received from the public regarding money lending services offered through social media applications that were found to be using the logo of the Ministry of Finance and Economy. The Ministry of Finance and Economy informed that it has never cooperated with any party to offer any money lending service as reported.

In this regard, the public is advised to be cautious and not easily believe in such offers and not make any transaction without first ensuring the validity of the information. Unauthorized use of the logo of any Government agency is a very serious matter. Anyone who defraud by impersonating, if convicted, can be sentenced to imprisonment for a period not exceeding 7 years and a fine under the Criminal Penal Code, Chapter 22. Any party or individual who runs a money lending business must have a license under the Moneylenders Act, Chapter 62. According to the Moneylenders Act, running a money lending business without a license is an offence and if found guilty will be fined $500 and imprisoned for 18 months.

The public who have information or suspect any entity or individual offering money lending services without a license should contact Financial Consumer Issues, BDCB at 838 0007 or email '[email protected]'. For a list of financial institutions and individuals licensed by BDCB, visit the BDCB website.

Source:
RTB NEWS

by RTB NEWS

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