The Bangladesh Bank has issued a directive urging individuals to refrain from aiding investments or engaging in transactions with the fraudulent organisation 'Onpassive’ due to its alleged involvement in money embezzlement.
The central bank issued a notification on Thursday in this regard and sent it to top executives of all the scheduled banks to warn people.
As per the notification, Bangladesh has witnessed fraudulent activities conducted by numerous Multi-Level Marketing (MLM) entities. These organisations have allegedly misappropriated substantial sums from the public. The central bank has taken notice of the ‘Onpassive’ incident.
The notification from the BB highlighted the recent operations of an MLM company called Onpassive (www.onpassive.com) in Bangladesh. Investing in this company is considered a fraudulent offence under the Prevention of Money Laundering Act, 2012.
The central bank advised all to refrain from investing, trading, facilitating transactions, and promoting such fraudulent ‘Ponzi schemes.