BoT denies involvement in LBL’s dirty game

DAR ES SALAAM: THE Bank of Tanzania (BoT) has firmly denied any association with Leo Beneath London (LBL), a company currently under investigation for operating an illegal online trading scheme.

In a statement released by BoT Governor Emmanuel Tutuba, the central bank clarified that it has not granted any approvals, licenses, or authorization for LBL’s operations, contradicting false claims circulating online.

LBL Company, whose officials have been arrested in Mbeya, Morogoro, Geita, and Dar es Salaam regions, is accused of running an online pyramid scheme, a form of financial fraud that promises high returns on investment but ultimately collapses.

“Legal action is currently being taken against officials of the LBL Company for their involvement in fraudulent activities including deposits mobilization, interest distribution, and financial transactions without any legal license from the BoT,” the statement read.

ALSO READ: BoT: Beware of unlicensed lenders

BoT has urged the public to exercise caution and avoid dealing with any institution, company, or individual offering financial services without proper licensing from the central bank or other recognized financial regulators.

Additionally, BoT issued a stern warning against individuals and organizations misusing its name to mislead the public, emphasizing that legal measures will be taken against those involved in such fraudulent schemes.

“The Bank urges members of the public to obtain financial services only from institutions licensed to operate, as listed on the Bank of Tanzania website or the relevant financial sector regulators,” the statement added.

BoT reiterated that any financial service providers not registered under its authority are operating illegally and urged the public to remain vigilant and report suspicious financial activities.