Muscat: Drawing the public’s attention towards several suspicious financial activities and fraud attempts, the Central Bank of Oman (CBO) has warned the public, saying unscrupulous elements are making inventive attempts and deploying a variety of ways and subtle means to cheat the public.
Certain fictitious and suspicious companies and individuals based overseas have been contacting Omani citizens and expatriates through internet and fax, informing them that they have won some lottery or draw, or offering them suspicious ‘profitable’ transactions and trading deals. In lieu of such profitable offers, they want assistance in accessing or taking advantage of banking and financial facilities available in Oman.
The CBO statement pointed out that speculative dealing in foreign currencies under the prevailing laws and regulations is prohibited in Oman. The so-called dealers or brokers offering these services, dubbed as trade representation or agency activity on behalf of institutions based abroad, are not licensed by the CBO.
Another type of fraud is the use of fake or stolen cheques drawn on banks abroad, and the subsequent sale of these instruments to unsuspecting people after an endorsement and at a discount, with the promise that the new holder (ostensible payee) will be able to encash them for full value at the local banks, thereby assuring them that they will make a good profit.
The statement also informed that fraudulent promises of loans in advance made available against surety of bank securities and/or fixed deposits, is also on the rise. The offer to deposit substantial amounts from fictitious names/accounts based abroad, either to the credit of the Omani/expatriate bank accounts, or of companies in the local banks, with a promise that the respective account holders will earn substantial amount through commissions.
The CBO statement added that people may be duped by offers of dealing with local banks indirectly through unauthorised persons who impress that they conduct normal banking transactions, which, incidentally, also include the issues of fraudulent securities and the offer of fictitious investments abroad.
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