The Financial Intelligence Unit (FIU), an institution dedicated to combating financial crime, has initiated an investigation, in collaboration with key stakeholders, into the suspected unlawful activities of Super Advertis.

This entity has been using various mobile money platforms in Sierra Leone to accumulate deposits from the public, falsely presenting itself as an investment opportunity.

Super Advertis stands accused of engaging in unlicensed and unregulated financial services, particularly utilizing mobile money agents to amass supposed investment funds.

This alleged scam, resembling a “PONZI SCHEME,” operates by reimbursing existing investors from contributions made by new investors, rather than generating legitimate profits from a lawful business. Investors are misled into believing that profits stem from genuine business operations, while they actually originate from new investors’ deposits.

Major mobile money service providers, including Orangemoney and Afrimoney, have implemented measures to limit access to the third-party accounts utilized by the suspected fraudsters. They are actively collaborating with relevant authorities in the ongoing investigations.

The FIU issues a cautionary advisory to the public, urging vigilance when encountering individuals or entities offering investment opportunities. It emphasizes the importance of conducting thorough due diligence, ensuring complete satisfaction regarding the legitimacy of any business before engaging in financial investments.

Safeguarding the public’s interests and preserving the integrity of financial systems remain paramount for the FIU. The unit assures the public of further updates as the investigation progresses.

Individuals are encouraged to promptly report any suspected dubious financial activities to the FIU or relevant authorities, contributing to efforts in combating fraudulent financial schemes.