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Port of Spain, Trinidad & Tobago – The Ministry of Finance and the Ministry of Public Administration and Artificial Intelligence (AI) are issuing a stark warning to the public regarding a surge in sophisticated online scams. These scams involve fraudsters impersonating Finance Minister, Davendranath Tancoo, and falsely promoting dubious investment schemes.

The Ministry has confirmed that deceptive social media posts and messages are circulating, falsely attributing endorsements and guarantees of returns to Minister Tancoo. These posts often promise unrealistically high returns on investments, luring unsuspecting individuals into what are ultimately fraudulent schemes. The authorities are urging the public to exercise extreme caution and to immediately report any suspicious activity.

What's Happening? The scammers are leveraging Minister Tancoo's position and public profile to create a false sense of legitimacy. They are crafting convincing narratives and utilising realistic-looking profiles to deceive potential victims. The methods employed are becoming increasingly sophisticated, making it harder for people to distinguish between genuine communications and fraudulent attempts.

How to Protect Yourself:

• Verify Information: Never trust investment opportunities promoted on social media without independently verifying their authenticity. Contact the Ministry of Finance directly through official channels (website, phone) to confirm any claims attributed to Minister Tancoo.
• Be Wary of High Returns: If an investment opportunity promises exceptionally high returns with little or no risk, it's almost certainly a scam.
• Don't Share Personal Information: Never share sensitive personal or financial information in response to unsolicited requests, especially through social media or email.
• Report Suspicious Activity: Immediately report any suspicious posts, messages, or websites to the relevant authorities, including the Ministry of Finance and the police.
• Educate Your Family and Friends: Share this warning with your loved ones, especially those who may be less familiar with online scams.

Government Response The Ministries of Finance and Public Administration and AI are working closely together to combat this growing threat. They are actively monitoring social media platforms, investigating the source of these scams, and collaborating with law enforcement agencies to bring the perpetrators to justice. The government is also exploring measures to enhance public awareness and provide resources for victims of online fraud.

“We want to assure the public that Minister Tancoo has no involvement in any of these investment schemes,” stated a spokesperson for the Ministry of Finance. “We are taking this matter very seriously and are committed to protecting citizens from these fraudulent activities. Stay vigilant, be skeptical, and always verify information before making any financial decisions.”

This latest scam serves as a reminder of the importance of online safety and the need to be cautious when dealing with investment opportunities online. The authorities urge everyone to remain informed and to report any suspicious activity promptly.