The Bank of Papua New Guinea (BPNG) is issuing repeated warnings about the dangers of fraudulent investment platforms, including the recently surfaced PNG SSE.CC. Despite these alerts, many Papua New Guineans, including educated individuals, continue to fall prey to such schemes, losing hard-earned money to fast-money promises that are too good to be true.
PNG SSE.CC, a new online investment scheme, is gaining traction by claiming to be registered with the Investment Promotion Authority and Securities Commission of PNG. However, investigations reveal it lacks transparency and credible backing. The scheme pressures people into investing small amounts, such as K100 or K200, with promises of quick returns and daily interest payouts. This mirrors patterns seen in other discredited scams.
BPNG has consistently warned the public about similar schemes in the past, including:
- U-Vistract Financial System
- Papa Lain
- Moap Finance
- Onpassive
- Golden Sun
- Hop Rocket
- PI Network
- Faith G Investment
- Naki Power
- New Dream
- NK Robot
- SSE
- ENEG
These schemes often start by attracting small investments, offering immediate returns to build trust. Once more people join and significant sums are collected, the operators vanish, leaving participants with nothing. PNG SSE.CC appears to be following this same playbook.
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Investigations suggest PNG SSE.CC is impersonating the UK-based energy company Scottish and Southern Energy (SSE). The legitimate SSE focuses on renewable energy and infrastructure and does not offer financial investment schemes. Furthermore, PNG SSE.CC lacks an official website or credible presence, operating instead through a basic mobile site and Facebook group, which are often tactics used by scammers to avoid scrutiny.
This business model closely resembles the discredited Golden Sun Investment, which was declared a scam after it falsely claimed to have licensing from BPNG. Financial institutions like BSP also issued warnings about Golden Sun, highlighting the dangers of these fast-money promises.
Papua New Guineans are urged to exercise caution and avoid platforms that promise unrealistic returns. Authorities are being called upon to investigate PNG SSE.CC thoroughly to protect the public. In the meantime, individuals must remain vigilant, as these schemes continue to evolve and prey on those seeking quick financial solutions. Always verify investment opportunities with credible sources before committing your money.
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