Home News Central Bank exposes old coins scam
News

Central Bank exposes old coins scam

Share
Some of the old coins.
Share

MBABANE – The Central Bank of Eswatini (CBE) has uncovered a coin purchase scam in which fraudsters posing as bank officials are targeting unsuspecting members of the public with promises of substantial payouts for old coins.

The bank has since issued a public warning, identifying two individuals allegedly linked to the scheme and cautioning emaSwati against paying any money to people claiming to buy old coins on behalf of the country’s monetary authority.

According to the Central Bank, the suspects have been approaching members of the public, claiming they are purchasing old coins for substantial amounts of money.

Victims are allegedly told that their coins are worth thousands or even millions of Emalangeni and are then instructed to pay so-called ‘clearance fees’ or ‘release fees’ before the promised payment can be released.

The bank described the claims as false, deceptive and fraudulent.

In a statement, the Central Bank identified the individuals as Buyisile and a certain Sihlongonyane, who allegedly use the contact numbers 7830 9379 and 7669 8843 respectively.

“The Central Bank wishes to categorically state that the claims are false, deceptive and fraudulent,” the institution said.

The development comes amid growing concern across the region over scammers exploiting widespread public interest in old coins and currency notes.

The Central Bank said it had found that victims were being lured with promises of extraordinary financial rewards in exchange for old coins.

However, before any payment is made, they are allegedly instructed to first deposit money described as a processing fee, clearance fee or release fee.

Financial crime experts say this is a classic advance-fee fraud scheme in which victims are persuaded to pay money upfront in the hope of receiving a much larger amount later.

The bank stressed that no employee, representative or agent of the Central Bank is authorised to demand payments from members of the public in connection with the exchange of notes or coins.

“Any individual requesting such payments is acting unlawfully and without authority,” the bank warned.

The Central Bank further urged members of the public not to transfer money, disclose banking details or engage with individuals making such claims. The institution also reminded the public that the law clearly outlines how old notes and coins may be handled.

Section 26 of the Central Bank of Swaziland Order, 1974 provides that when a person surrenders notes or coins issued by the bank, the Central Bank or its authorised agents may exchange those notes and coins for others of equivalent value and in the denominations requested. The exchange is done without charge. The law does not provide for the purchase of ordinary old coins for extraordinary amounts of money. Instead, it only permits an exchange of equivalent value. Certain damaged or altered coins may not qualify for exchange.

The bank said this legal position makes it clear that claims suggesting old coins can suddenly be exchanged for massive sums of money are misleading and designed to defraud members of the public.

The warning by the Central Bank mirrors scams that have surfaced in neighbouring South Africa over the years.

Several South African media reports have documented cases where fraudsters convinced people that ordinary circulation coins were worth millions of Rands. Victims were allegedly promised enormous payouts for coins, including old commemorative pieces and Mandela R5 coins, only to be asked to pay registration fees, processing fees or other charges before receiving their money. Investigators later found that many of the promised fortunes never existed.

*Full article available on Pressreader*  

Share

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss

‘Cat’ Matlala ID saga: Home Affairs official dismissed

MBABANE – Nonhlanhla Malambe, the Home Affairs official found guilty over the issuance of Eswatini national documents to Vusimuzi ‘Cat’ Matlala, has been...

 MaMkhize absent as Eswatini team suffer 2nd  defeat

NHLANGANO – Mbabane Highlanders AM suffered another painful defeat without President Shauwn ‘MaMkhize’ Mkhize in the stands, as Nsingizini Hotspurs edged them 1-0...

Ex-magistrate, another allegedly disobey court orders

MBABANE – Jail time has been sought for former Magistrate Dumisani Magagula and an individual with whom he is alleged to have disobeyed...

10-litre container of drugs allegedly found with clinic guard

VUVULANE – Community members reportedly recovered a 10-litre container of medication from a security guard at Vuvulane Rural Clinic, raising concerns of theft....

Indlovukazi arrives in UAE for official visit

Her Majesty Indlovukazi has arrived safely in the United Arab Emirates (UAE) where she is on an official visit. Her Majesty arrived around...

Related Articles

Huge salary gaps spark complaints – minister

EZULWINI – Minister for Commerce, Industry and Trade Manqoba Khumalo has put...

Eswatini politicians too good for Lesotho counterparts

MASERU-Eswatini parliamentarians proved to be too good for their Lesotho counterparts during...

Dagga trade drives sex workers to Madlangampisi

MADLANGAMPISI - Madlangampisi residents have voiced their concerns over what they called...

ERS injects E180 000 into National Media Awards

MBABANE – The Eswatini Revenue Service (ERS) has committed E180 000 towards...