The Bank of Namibia in 2019 and 2020 conducted investigations into 12 suspected illegal financial pyramid schemes uncovered in the country, its deputy director for corporate communications, Kazembire Zemburuka has said. Nampa reports that Zemburuka on Monday said that as such, members of the public and promoters of such illegal financial schemes were directed to immediately stop their operations and promotions. In 2020, Elemant, R 200 WhatsApp stokvel, Crowd1 Network Limited, Project One million, Asset Legacy investments cc and Greenleaf Biotech Namibia (Pty) Limited were investigated and found as illegal pyramid financial schemes. While in 2019, Longrich Bioscience, JamaLife, Karatbars International, Global Dream Network, Onyx Lifestyle and World Ventures Holdings were investigated and also found to have been illegal financial pyramid schemes. Zemburuka warned that according to the Banking Institution Act No.2 of 1998, those found guilty would be liable to a fine not exceeding N$ 1,000,000 or imprisonment for a period not exceeding ten years or both.