By George M.O. Williams and Stephen V. Lansana
Super Advertis, an online-based entity which has been enticing individuals to invest in a covert financial scheme through mobile platforms, which involves accepting deposits from the public, has scammed hundreds of Sierra Leoneans across the country.
SUPER ADVERTIS lured individuals to deposit money under the guise of investments, upon which they will receive an increment of about 30 percent plus initial money deposited after fulfilling certain task within a given period.
The promised in December of 2023, that when individuals deposited Le 1, 000, they will earn Le 8, 000 after a month. This was later discovered to be a scam.
The online platform has been temporarily shut down, leaving users in a state of uncertainty.
Sierra Leone’s Financial Intelligence Unit (FIU) said in a statement that Super Advertis used the ‘Ponzi Scheme’, which operates by reimbursing existing investors from contributions made by new investors, rather than legitimate profits from a lawful business enterprise.
“Investors are misled into believing that profits arise from legitimate business operations which in fact originated from new investors’ deposits,” FIU said.
FIU added that they have jointly launched an investigation with other stakeholders to investigate the suspected unlawful activities of Super Advertis.
In a circulated press release claimed to have originated from Super Advertis, it was claimed by Super Advertis that one of the mobile platforms used, Orange Sierra Leone, has frozen the accounts of victims and that victims should visit orange money offices and demand for the company to unfreeze their accounts.
Orange Sierra Leone, in a press release dated Wednesday January 3, 2024, indicated that they have no contractual agreement with Super Advertis, and that they had not frozen any account belonging to Super Advertis on their Orange Money platform.
Reports from affected person suggests that the Super Advertis website is no longer operational and all moneys deposited there had disappeared.
The Bank of Sierra Leone (BSL) disclosed that it has not granted a license to the said SUPER ADVERTIS to conduct any financial activity, noting that such financial activity by SUPER ADVERTIS was therefore illegal.
The Bank strongly warns the general public to desist from dealing/transacting with the said “SUPER ADVERTIS” by way of any financial activity.
“The public is required to look for the Bank of Sierra Leone issued license that is to be displayed in the premises of any financial institution licensed by the Bank of Sierra Leone before engaging in any financial transaction with that institution,” the Bank added in a public notice.