NYN | News
The Central Bank of Yemen in Sana’a has issued an official warning urging citizens to exercise the utmost caution when dealing with a company known as “QNet – QI Group” and other unlicensed entities active in network and pyramid marketing, stressing that such activities involve serious legal and economic risks.
Suspicious activities and false promises
In a warning statement, the bank explained that a number of fake entities have emerged recently, engaging in suspicious commercial and investment activities. These schemes are based on selling low-value products at highly inflated prices, in exchange for promises of attractive profits that are conditional on recruiting new participants and transferring funds abroad through illegal networks.
A clear violation of the law
The Central Bank emphasized that dealing with these companies constitutes a clear violation of applicable laws and exposes those involved to legal accountability. It noted that these entities rely on fraud and deception, causing severe harm to the national economy and to citizens’ funds.
The bank affirmed that it will take all necessary legal measures to pursue these illegal activities and curb their spread.
Call for reporting and inquiries
The bank called on citizens to report any activities or gatherings affiliated with “QNet” or its agents, and to inquire about the legality of any entity they intend to deal with, by contacting the toll-free number: 8006800.
A growing phenomenon exploiting economic conditions
This warning comes amid the increasing spread of unlicensed network and pyramid marketing companies in Yemen, which have become a worrying phenomenon by exploiting the difficult economic conditions and citizens’ pursuit of quick profit opportunities.
According to economic monitoring, online platforms are witnessing a rise in misleading advertisements promoting fake investments. Pyramid marketing is considered one of the most dangerous forms of financial fraud, as it relies on a “Ponzi scheme” model that pays profits to earlier participants using the funds of new victims.
No legal guarantees
Economists confirm that these entities are not subject to oversight and enjoy no legal cover, meaning there are no guarantees for recovering funds in the event of fraud. This is despite the registration of cases and court rulings in Sana’a against a number of such companies due to their involvement in clear acts of fraud against citizens.
