Jamalife Helpers Global yet another ponzi scheme – central bank
In less than a month, the central bank, Bank of Namibia has identified yet another illegal scheme dubbed, Jamalife Helpers Global.
According to the central bank investigations conducted found that the business activities of organisation contravene section 55A of the Banking Institutions Act of 1998.
Kazembire Zemburuka Deputy Director: Corporate Communications at the bank said it is evident that the business cannot survive without new members paying a participation/joining fee, thus making its business model unsustainable and will result in members, especially those at the bottom of the scheme, losing their money.
“It is not possible for Jamalife Helpers Global to deliver on promised rewards and operate successfully without the regular inflow of joining fees obtained from newly recruited members,” Zemburuka said.
According to Zemburuka, the Bank carried out a directive urging promoters of Jamalife Helpers Global to cease their operations and to repay all monies obtained from the public within a period of 21 days, as failure to do so, will force the Bank to take further appropriate action as stipulated in the Act.
“The Bank would like to appeal to members of the public to refrain from participating in the promoted activities of Jamalife Helpers Global and other schemes with similar operations as such participating members of the public may become criminally liable for violating the law,” Zemburuka said.