The Central Bank of Samoa is warning the public to be wary of an online investment scheme known as BG Wealth, which has been aggressively promoted on social media under slogans such as “Join the Crypto Revolution.” 

In a public notice, the Central Bank of Samoa said the scheme encourages individuals to attend presentations and join online groups promising guidance on cryptocurrency trading, daily profits and financial growth.

However, the bank’s Financial Intelligence Unit stressed that BG Wealth is not regulated in Samoa and that cryptocurrency and other virtual assets are not recognised as legal tender in the country.

“Promotions that promise high or guaranteed returns are misleading and carry significant risks,” the bank said.

Authorities overseas are also raising concerns. Regulators in Tonga and New Zealand are investigating similar schemes, with Tonga’s central bank warning that BG Wealth may be impersonating legitimate trading platforms to deceive users, including members of the Tongan diaspora.

The Samoa Financial Intelligence Unit has issued alerts to banks and money transfer operators to report any suspicious activity linked to the scheme. Information gathered will be referred to the Samoa Police Service and the Ministry of Commerce, Industry and Labour for investigation under national laws.

Under the Money Laundering Prevention Act 2007, any promotion of virtual currency requires prior approval from the central bank.

Officials warned that cryptocurrency scams often involve no legal protections, irreversible transactions and fake profit claims designed to pressure victims into investing more. In many cases, victims are unable to withdraw funds and are asked to pay additional “fees” that never result in payouts.

The Central Bank is urging the public to verify whether an investment is licensed, avoid sending money to individuals met online and seek advice from trusted financial professionals before committing funds.

Authorities say they will continue monitoring BG Wealth and provide updates as investigations progress.