Fraud case prompts Tanzania's central bank to crack down on online lending scams

bankoftanzania

Bank of Tanzania headquarters in Dar es Salaam.

Photo credit: File | Nation Media Group

The Bank of Tanzania (BoT) this week moved to dissociate itself from the latest public scandal involving online fraud in the country, even as it seeks to tame continual digital fraud.

At least 17 people have been arrested over the past week in a nationwide police swoop on the operations of Leo Beneath London (LBL), a company believed to have been running a clandestine Ponzi scheme behind the facade of being a movie promotion agency.