CBSI warns public about F-Mobile, describing it as an illegal pyramid scheme

The Central Bank of Solomon Islands (CBSI) wishes to alert the general public to a fraudulent operation known as “F-Mobile”, which has been identified as a pyramid scheme.

CBSI has received reports that F-Mobile is soliciting funds from members of the public with promises of unusually high and quick financial returns, primarily through the recruitment of new participants rather than through legitimate business activities. 

Such schemes are illegal and unsustainable, and they inevitably result in financial losses for most participants.

The public is strongly advised that pyramid schemes typically operate by:
•Promising high returns with little or no risk.
•Relying on the continuous recruitment of new members to pay earlier participants.
•Require buy-in or subscription fees
•Lacking genuine underlying business activities or products that generate real income
•Collapsing once recruitment slows, leaving the majority of investors at a loss; and
•Use testimonials and “success stories” to lure members

CBSI emphasizes that F-Mobile is not licensed, regulated, or authorized by the Central Bank to collect deposits or offer any form of investment services in Solomon Islands. 

Members of the public are therefore urged not to provide money or personal information to this entity or to any individual promoting it.

The Central Bank further reminds the public to exercise caution and due diligence before engaging in any investment opportunity. If an offer sounds too good to be true, it is likely.

Anyone who has been approached by F-Mobile or similar schemes is encouraged to report the matter to the CBSI – Solomon Islands Financial Intelligence Unit (SIFIU) or the Royal Solomon Islands Police Force (RSIPF) for further investigation.

CBSI remains committed to safeguarding the financial system and protecting the public from fraudulent and misleading financial activities.

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CBSI statement