The Economic and Organised Crime Office (EOCO) has cautioned the public against Royal Gardens Network and Hubtel Mobile Lending, which operate Ponzi schemes.
EOCO explained it had been monitoring the activities of the two online investment schemes over a period.
But checks have established that the two institutions have not been registered to operate as online investment companies.
The development was announced in a statement signed by the head of Public Affairs Unit, Faustina Lartey, on behalf of the Executive Director, DCOP Mrs Maame Yaa Tiwa Addo-Danquah.
“The companies are neither registered by the Bank of Ghana nor the Securities and Exchange Commission. They are also not registered with the Registrar General’s Department.
“So far, it said it had been found that the two online schemes only exist in the virtual space ostensibly to defraud unsuspecting victims,” the statement cautioned.
The statement added the two companies entice their victims to invest by promising them high returns.
“They do so per the use of mobile money and WhatsApp platform channels. Once they have defrauded their victims, they immediately close and delete the WhatsApp group. A different group is subsequently created with new members and the cycle is repeated,” it added.
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Meanwhile, EOCO has assured in line with its mandate to prevent and detect organised crime, it would continue to monitor online investments with the view to ensuring that citizens are protected from scammers and fraudsters.
Read the full statement below:
