Africa-Press – Botswana. Batswana who lost millions of Pula to Ecoplexus scammers are requesting the Minister of Finance Peggy Serame to intervene over Bank of Botswana’s alleged failure to take action against First National Bank (FNB).
In a letter addressed to Serame dated 1st November 2023, the victims indicated that the letter was necessitated by FNB’s failure to take full responsibility for the “role it played in facilitating Ecoplexus racketeering leading to the loss of our hard earned cash, multitudes of Batswana inclusive.”
The letter was also prompted by “Bank of Botswana’s failure to take any action against the said Financial Institution; Bank of Botswana’s refusal to adhere to our sincere plea to rescind FNBB operating license in line with the provisions of the Botswana Banking Act of 1995.”
The explained that they were victims to the Ecoplexus Fraud which took place through FNB for a period of about seven (7) consecutive months, November 2022 up to and including May 2023.
“Honorable Minister, it is worth noting that through our laymen eyes the said fraudulent scheme appeared to be a legit lucrative Investment opportunity since it was; Fully executed through a reputable licensed local Financial Institution known as First National Bank Botswana through which multiple deposits and transfers of monies were executed day and night for a period of seven (7) consecutive months.”
They said the scam was “Done and promoted through a CIPA registered Company known as Ecoplexus Solar Equipment Proprietary Limited bearing Certificate Number: BW00004886465” and “done under the full eyes of our General Intelligence Community, Financial Intelligence Agency (FIA) inclusive as well as Law Enforcement agencies for a period of seven (7) consecutive months. Rhetorically, we wonder how safe we are as Citizens of our beloved Democratic Botswana.”
They said they also fell victim to the scam because it was “never stopped early by the Regulators and or all the Powers that be leading it to gain momentum and imperil unsuspecting investors, ourselves inclusive.”
According to the letter FNB “aided and abetted Ecoplexus Fraud against ourselves” and “Our hard earned Cash got swindled in broad daylight through FNBB Accounts that falls under their 24/7 Monitoring (human and digital surveillance.” They accused FNB of “turning a blind eye on Ecoplexus fraud for about seven (7) consecutive months without raising not even a single alarm to us its Customers, members of the Public in general nor relevant security agency stakeholders.”
“Interestingly, one way or the other, FNBB has profited from the Ecoplexus Fraud. The transactions thereof forms part of their huge profits announced through their 17th August 2023 notice to the Botswana Stock Exchange,” the victims said.
They said FNB has failed to act promptly and robustly to prevent and or combat Ecoplexus Fraud as it should have done more to prevent and or stop the Fraud at an early stage. They also accused FNB of breaching Section 11 (1) (iv) and Section 11(1) (viii) of Botswana Banking Act of 1995 and violating Section 17 (2) b of Botswana Banking (Anti Money Laundering Regulations).
“We have suffered irreparable damage as a result of a racket that was orchestrated daylight through FNBB. We demand that FNB ought to take responsibility for having facilitated the mass swindling of our hard earned cash.There has been a breach of Fiduciary duty by FNBB,” they argued.
They reiterated their request for Bank of Botswana to revoke FNB Operating license as in line with Section 11 (1) (iv) and Section 11(1) (viii) of Botswana Banking Act of 1995; Both FNBB and BoB are handling this matter in bad faith.
“Honorable Minister, it is our submission that Bank of Botswana has not applied itself accordingly on this matter. Although we are at shock, we are however not surprised since the said action and or omission to take any disciplinary action against FNB confirms the recent Assessment Test Findings by the International Monetary Fund (IMF) that BoB is just a “toothless bulldog” when it comes to its supervisory role,” the victims said.
They added that; “Honorable Minister, to be frank and clear, we sincerely request you to exercise your powers to compel and or advise FNBB through Bank of Botswana to take full responsibility for the role it played in the swindling of our hard earned cash; We submit that the same be by means of a formal apology and monetary compensation for the irreparable damage that they have inflicted on us.” Serame was not immediately available for comment.
In an earlier response to The Telegraph queries, FNB denied responsibility adding that it was “yet to receive the complaint being referred to.”
For its part, the Bank of Botswana also distanced itself from the issue saying customers were forewarned through various channels not to invest in pyramid schemes. The central bank informed victims in its reply to their complaint that it believes that FNB did not carry on banking business in a manner that was detrimental to the interests of the public; hence no basis for revoking its license.
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