Sanaa central bank warns of financial fraud by unlicensed companies

SANAA, May 18 (YPA) – The Sanaa-based Central Bank of Yemen on Monday warned citizens, banks, exchange companies, money transfers and electronic wallets from dealing with fictitious and unlicensed entities operating in the field of investment and pyramid marketing.

in a statement, the back stressed that they practice fraudulent activities that harm the national economy and drain citizens ‘ funds.

The statement explained that these entities rely on network marketing by selling low-value products at inflated prices, while enticing subscribers to make profits in exchange for attracting new subscribers, which leads to the loss of savings and the transfer of funds abroad.

According to the statement, the warning applies to entities including My Lifestyle, Farmasi, Forever Living, DXN, Oriflame, Gifu, Herbalife, Avon, and Guinness.

The bank confirmed that it will take the necessary legal measures against violators.

AA