The Bank of Namibia (BoN) has refuted allegations of a fraud case involving N$60 billion that was allegedly stolen from Credit Union Namibia (CUN).
In a statement made available to the media on Thursday, BoN said that 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 that indicated that Theron Rupping Louie, 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$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 authorized 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 realizing economic growth and development.
Meanwhile, the Namibian Police have issued a statement in which they express regret for the erroneous report they shared with the media on Wednesday on the matter.
In a statement signed by the police chief, Lieutenant General Joseph Shikongo appeals for calm while reassuring the nation and investors that the alleged fraud did not take place in Namibia.
According to the police, the money reported by the company was part of a grant that was earmarked for the development of African countries.
Police preliminary investigations, however, revealed that the money never entered the country, and the CUN did not suffer any actual or potential losses.
As a result, the matter will be forwarded to the respective countries where the investor's funds are to be released.