NUKU’ALOFA, Tonga – The National Reserve Bank of Tonga (NRBT) has issued a formal warning to the public regarding a fraudulent investment scheme circulating on social media.
The scheme, operating under the names “BG Wealth Sharing” and “DSJEX,” impersonates a legitimate cryptocurrency trading service and is targeting individuals across Tonga and its diaspora communities in New Zealand, Australia, and elsewhere.
Authorities report that the scam involves a fake trading platform designed to deceive investors.
Victims are often promised high returns or free cash to invest in cryptocurrencies like Bitcoin or Ether.
These digital currencies, which exist electronically and can be bought through exchanges or apps, carry significant risks in such schemes, as payments are irreversible and lack standard legal protections. The central bank cannot recover funds lost to these scams.
The scam typically follows a pattern. After luring a victim, the fraudulent platform displays fabricated profits to create a false sense of success. Scammers then pressure individuals to invest increasingly larger sums.
When a victim attempts to withdraw their supposed earnings, they are blocked and presented with demands for additional fees or taxes, which never lead to an actual release of funds.
The National Reserve Bank of Tonga urges the public to be vigilant and protect their savings.
It said: “The NRBT urges the public to be vigilant and protect their funds from such scams. The NRBT remains dedicated to protecting financial consumers and maintaining the integrity of Tonga’s financial system.”
Citizens should treat unsolicited investment offers with extreme scepticism, especially those promoted on social media, and verify the legitimacy of any financial service.
The NRBT confirms that “BG Wealth Sharing” or “DSJEX” is not licensed to operate in the Kingdom.
The bank reiterated its commitment to protecting financial consumers and maintaining the integrity of Tonga’s financial system.
The warning in Tonga follows similar alerts issued in the United Kingdom and California regarding the same fraudulent scheme
