Liberia: CBL Dismisses U.S.$10 Million Scam Allegation By Portuguese National, Cites Fraud Concerns

Monrovia — The Central Bank of Liberia (CBL) has refuted claims made by a Portuguese national, Joao Miquel Amaro Correia, who alleges that the Bank failed to transfer US$10 million to him following an agreement he supposedly reached with unidentified Liberian institutions for a real estate development project in Liberia. The CBL described Mr. Correia as a victim of what appears to be a grand scam.

In a letter dated June 26, 2024, Mr. Correia raised a complaint addressed to several government officials and civil society organizations, urging them to investigate two senior officials of the CBL. He accused these officials of refusing to facilitate the transfer of the funds and of engaging in actions that sabotaged the purported agreement.

Following a thorough review of Mr. Correia’s complaint, the CBL highlighted numerous inconsistencies and falsehoods in the allegations. These discrepancies cast significant doubt on the claims made against the two CBL officials. In a lengthy email included in the complaint, Mr. Correia made wide-ranging assertions that, according to the CBL, do not establish a logical basis for his accusations.

The CBL categorically clarified that it does not facilitate payments based on agreements made between private parties or businesses. Furthermore, the individuals named by Mr. Correia as secretaries to the CBL officials he claims to have dealt with are not employed by the Bank. This revelation suggests that Mr. Correia may have been misled into believing he was conducting business with CBL staff.

Moreover, Mr. Correia failed to disclose the identities of the Liberian institutions with which he allegedly reached the real estate development agreement. The CBL argues that this omission, along with other inconsistencies, raises serious concerns about the credibility of his claims.

The CBL reaffirmed its commitment to maintaining secure financial transactions as mandated by Liberian law. The Bank also issued a strong caution to the public, urging them to take precautions against scams and warning against falsely representing oneself as doing business in the name of the CBL.