Desist from investing with them – EOCO cautions public against two ponzi schemes
EOCO said its checks showed that both companies are not registered to operate as online investment companies. It stated that they are neither registered with the Bank of Ghana, the Securities and Exchange Commission, nor the Register-General’s Department.
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The Economic and Organised Crime Office (EOCO) in a statement, has cautioned the public against investing with Royal Gardens Network and Hubtel Mobile Money Lending, both operating as ponzi schemes.
EOCO said its checks showed that both companies are not registered to operate as online investment companies. It stated that they are neither registered with the Bank of Ghana, the Securities and Exchange Commission, nor the Register-General’s Department.
It has also been found that the two online schemes only exist in the virtual space.
They are said to operate, using mobile money and WhatsApp platform channels.
“Their modus operandi has been found to be that they entice victims to invest in the companies while promising them high returns. 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,” the Crime office explained in its press statement.
