PNG Central Bank Warns Public Against Crypto and Fast-Money Schemes

PNG Central Bank Warns Public Against Crypto and Fast-Money Schemes

The Bank of Papua New Guinea has issued a fresh warning across PNG, urging citizens to stay away from cryptocurrency dealings and so-called fast-money schemes that continue to trap unsuspecting investors.Governor Elizabeth Genia said the central bank does not recognise or regulate any entities offering digital asset investments or quick-profit opportunities, cautioning that many Papua New Guineans are being misled.

“BPNG does not license any Virtual Asset Service Providers (VASPs), cryptocurrency-based investment platforms, or fast-money schemes,” she said.She explained that such operations often lure people with unrealistic promises, including turning K30,000 into K270,000 within hours or advertising returns of up to 400 per cent.
“These entities are not authorised or supervised by the BPNG, meaning participants have no recourse if they lose money,” she said.
The governor further warned that fraudsters are increasingly using fake documents, forged signatures and even official-looking BPNG letterheads to create the impression of legitimacy.
“Fraudsters often use forged documents, forged signatures of the BPNG governor, and the bank’s official letterhead to claim they are transferring funds held in offshore accounts or from pre-independence holdings,” she said.
She added that victims are often asked to pay upfront fees before accessing the supposed funds.
Meanwhile, a recent complaint involves an alleged scam operator linked to the BidAsk or Tanglik Finance Investment Company, who reportedly collected millions of kina from more than 5,000 people.
Authorities, including Bank of South Pacific Financial Group Limited and police, identified the suspect as “Job Piner”, who was operating from Jup Centre in Port Moresby.
The suspect allegedly promised investors returns of up to 400 per cent per month.
One victim, Isaac Kipoi, said he invested over K9,000 and is still waiting to receive any payout.
Investigations also revealed that the account linked to the suspect currently holds only K26 and remains active.

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