KUWAIT CITY, Feb 9: The Central Bank has issued an official warning urging the public to avoid joining channels and groups on the Telegram application that claim to offer rapid financial returns, stressing that such platforms are frequently used for fraud and money laundering.
In a statement, the bank explained that fraudsters typically circulate funds among multiple individuals through these channels to obscure the origin of the money before transferring the accumulated amounts to the perpetrators. These transfers are often carried out via unregulated trading platforms or informal channels, a process that constitutes money laundering.
The Central Bank cautioned that participation in such schemes not only exposes individuals to significant financial losses but may also subject them to legal liability without their awareness.
The bank reaffirmed its commitment to combating financial crimes and urged the public to remain vigilant and report any suspicious activities to the relevant authorities.