The Bank of Namibia (BoN) has refuted allegations of a fraud case involving N. dollars 60 billion which was allegedly stolen from Credit Union Namibia (CUN).

In a statement made available to the media on Thursday, BoN said according to the information available, at no point was such an amount transferred or deposited by any entity or individuals associated with CUN in the banking system in Namibia.

This follows reports on Wednesday which indicated that Theron Rupping Louie, who is the Chief Executive Officer (CEO) of CUN had opened a fraud case with the Namibian Police Force (NamPol) on Wednesday regarding the disappearance of the money.

“The BoN has been made aware of an alleged fraud case involving N.dollars 60 billion supposedly stolen from the CUN. The bank can confirm that all cross-border transactions are reported to BoN by commercial banks that are authorised dealers in foreign exchange transactions. We have concluded that there is no evidence to support the existence of such funds,” the statement said.

The central bank dispelled claims that its staff members or platforms are being exploited in fraudulent server-to-server transactions.

“There are no relevant facts or evidence supporting this. We have noticed an increase in online scams, misinformation, and hoaxes that target and involve the public. We encourage the public to remain vigilant and to take the necessary steps to verify information on social media and other platforms, particularly if such information is not distributed by credible sources,” the statement added.

BoN concluded by adding that the country’s financial system remains strong and resilient and is considered one of the most advanced on the continent.

It gave its reassurance that it maintains a constant state of vigilance to safeguard Namibia’s financial system against financial crimes, including fraud and money laundering, to promote financial integrity and stability, all of which are essential for realising economic growth and development.

A case of fraud (CR 12/02/2023) was opened in Klein- Windhoek indicating that the fraudulent activity took place during December 2022. It says the suspect, or suspects, allegedly took money unlawfully and intentionally.

This money was meant for investors.

No arrests have been made and the money is yet to be recovered.

(NAMPA)

Source: The Namibian Press Agency