BMA warns public on Prime Bank fraud scheme
The Bahrain Monetary Agency (BMA) has issued a warning to the residents of the Gulf kingdom that Prime Bank Ltd. is not licensed as a bank in the UK. The warning follows inquiries about the bank’s commercial activities in a neighboring Gulf Cooperation Council (GCC) country, which are promoted through the internet and the bank’s supposed representatives in Bahrain.
According to BMA, the fraud scheme starts by asking a customer to deposit a gold product weighing five grams for the price of 20 Bahraini dinars in the bank. This is performed by purchasing an electronic card from the bank’s agents in the kingdom.
This card has a secret code that is used to fill the provided form on the bank’s website. Then the customer starts marketing for this operation to form a chain of people to get a commission that may reach to a maximum of $300 per day.
ِAn appropriate license from the Bahrain Monetary Agency is mandatory for conducting any type of banking or financial activity, in or from the Kingdom of Bahrain, said Ahmed Abdulaziz Al-Bassam, BMA’s director of Licensing and Policy.
The BMA urged the public to be more vigilant in protecting their funds and savings and refrain from involving in such suspect operations. — (menareport.com)
© 2003 Mena Report (www.menareport.com)