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ILLEGAL DEPOSIT-TAKING ACTIVITIES

patriot by patriot
February 8, 2021
in Business
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ILLEGAL DEPOSIT-TAKING ACTIVITIES
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The public is hereby informed that the Bank of Botswana (Bank) has determined that Botswana Fund Motshelo is illegally taking deposits from members of the public, and operating a pyramid scheme business. The Bank has accordingly directed the promoters of Botswana Fund Motshelo to cease and desist from transacting the illegal business scheme.

Pyramid schemes and other illegal deposit-taking activities are unlawful in Botswana; and contravene Section 3(1) of the Banking Act (CAP. 46:04) (Act). This provision of the Act restricts transacting banking business and/or advertising for or soliciting deposits of money solely to licensed banks. It is a criminal offence, punishable by law, for any person to promote the aforementioned illegal activities in Botswana, as that constitutes unfair trading practice. Section 5(1) of the Act empowers the Bank to investigate a person or entity suspected to be conducting unlicensed banking business and/or illegal deposit-taking activities. If the investigations confirm the contravention, subject to other intervening measures, the activities shall be suspended forthwith.

The Bank advises the public not to participate in the peddling of pyramid schemes, and for anyone involved in such schemes to cease and desist their operations. The public is further advised to report to the Bank any suspected illegal deposit-taking schemes or pyramid schemes for investigation. In accordance with Section 3(4) of the Act,  any person involved in illegal deposit-taking or operating a pyramid scheme contravenes the banking laws and, if found guilty, is liable to a fine of P2 500.00 for each day on which the offence occurs and to imprisonment for three years. Furthermore, in accordance with Section 5(6) of the Act, failure to comply with the Bank’s order to cease and desist from

such operations render the owners/promoters liable to a fine of P2 000 on each day on which the contravention occurs and to imprisonment for three years.

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  • TDR 1000 returns February 3, 2023
    The Dakar Rally, considered as one of the toughest in many years, is now something of the past and South African Rally-Raid competitors proved their talent while local race vehicle manufacturers and constructors showed their worth and returned from […]
  • Orange splashes P15.4m on FA CupFebruary 3, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Orange Botswana through the Orange FA Cup has renewed its sponsorship with Botswana Football Association (BFA) for an additional three seasons valued at P5 138 000 00, an investment increase of 17%. The renewed collaboration will […]
  • Sefalana posts P4.9 billion revenueFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw Diversified retail giant Sefalana has posted impressive set of results for the half year period ended 30 October, with the company recording P4.5 billion in total revenue. Botswana Stock Exchange (BSE) listed home grown retailer released […]
  • BSB lists P1 billion bondFebruary 2, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Botswana Savings Bank (BSB) has listed a bond worth P1 billion with the Botswana Stock Exchange (BSE). The bond note programme will give BSB access to capital and provide alternative funding, reducing dependency on short- term […]
  • Botswana, OPEC seal P1.2 billion loan dealFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw The Minister of Finance Peggy Serame is highly confident that the P1.2 billion loan that Botswana has secured from the Organisation of Petroleum Exporting Countries Fund for the International Development Fund (OPEC) will boost the country’s […]
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