The Economic and Organised Crime Office has warned the general public against two online investment schemes called Royal Gardens Network and Hubtel Mobile Lending.
According to EOCO, the two companies have not been registered to operate as online investment companies therefore, they only exist in the virtual space ostensibly to “defraud unsuspecting victims.”
“The companies are neither registered by the Bank of Ghana (BoG), nor the Securities and Exchange Commission (SEC). They are also not registered with the Registrar General’s Department. Their modus operandi has been found to be that they entice victims to invest in the companies while promising them high returns,” it said in a statement signed by the Head of Public Affairs, Faustina Lartey.
It added that the two companies use mobile money and WhatsApp platform channels as their medium of operations to dupe their clients.
“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 statement is asking Ghanaians to desist from investigating and patronizing them because their operations have been found in a “ponzi or pyramid” scheme.
Furthermore, EOCO assured that it will continue to monitor online investments with the view to ensuring that citizens are protected from scammers and fraudsters.
