OmegaPro is a “Ponzi style fraud,” according to Congo Republic’s Director General of National Financial Institutions, Jean-Pierre Nonault.
The statement comes after two national OmegaPro managers were handed arrest warrants.
The Ministry of Finance of the Congo Republic houses the National Financial Institutions.
Nonault spoke about OmegaPro during a press conference in Brazzaville on April 4th.
The activity is labeled as a fraud by the Director-General of National Financial Institutions, Jean-Pierre Nonault, according to Agence D’Information D’Afrique Centrale’s report on the news conference.
According to Jean-Pierre Nonault, it’s a pyramid or “Ponzi” scheme.
Nonault even claimed OmegaPro promoters were extorting money from Congolese citizens.
The arrest warrants are part of a coordinated effort by the National Financial Institutions of the Congo Republic and the police. Nonault has directed both agencies to look into OmegaPro further.
OmegaPro was also involved in securities fraud, according to Nonault.
Omega-Pro is not a microfinance institution, it is not a Congolese firm, and the number of savings is unknown (…).
We already have a method in place to deal with financial delinquency, which we will employ to put a stop to this deception.
OmegaPro is based in Dubai, the world’s MLM fraud capital, according to Nonault. It’s uncertain whether the National Financial Institutions will take up OmegaPro advertising outside of the country.
The UAE, like other nations, has no extradition pact with the Congo Republic.
Nonault went on to encourage the media to share information about the hazards of investing in Ponzi schemes, citing thousands of victims.
Thousands of people have been defrauded by trusting their funds to firms that aren’t always registered with the government.
The media has a role to play in the public awareness campaign and popularization of current regulations to avoid such a scandal.
Prince Bakaba and Beri Mayembo were arrested three days later, according to Congo Media Time. The two had earlier handed themselves in for questioning.
Bakaba’s LinkedIn handle is Dorian Prince Bakaba. He claims to be an OmegaPro Platinum Leader.
Bakaba appears to have joined the Ponzi scam and started advertising it in early 2019.
I couldn’t locate anything on Mayembo, maybe due to linguistic issues.
Unnamed OmegaPro individuals have also been arrested, according to reports.
Andreas Szakacs (Sweden), Mike Sims (US), and Dilawar Singh (India) lead the OmegaPro MLM trading bot Ponzi (Germany).
All three have migrated to Dubai from their different homelands.
Spain (two fraud warnings), Mauritius, Argentina, Colombia, France, Peru, Belgium, and Chile have all taken regulatory action against OmegaPro.
Colombia (50 percent), France (9 percent), and Nigeria are the major sources of traffic to OmegaPro’s website, according to SimilarWeb (5 percent ).