BoG, EOCO flag more ponzi companies

March 11, 2022 / Comments (0)

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The Bank of Ghana (BoG) has cautioned the public against dealing with cryptocurrency exchange platform, “BitCash Currency Exchange” which claims to have approval from the central bank.

According to the BoG, it has not licensed such an entity or any other cryptocurrency exchange platform.

A statement dated March 8 and signed by the Secretary, Sandra Thompson, said: “This fraudulent scheme does not reward investors as promised.

WhatsApp accounts

“The general public is encouraged not to engage in such activities and to report such illegal operators to Bank of Ghana,” it said.

It said unsuspecting recipients of such messages who click on the hyperlink or forward such messages compromised the safety of their funds, their WhatsApp accounts and other social media profiles, as well as those of friends and family on their contact list.


The BoG, has, therefore, advised the public to delete such messages upon receipt and desist from forwarding them to others and also remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.

Again, it has urged the pubic to verify with the BoG or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.

It advised the public to review and familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ which can be found on the Bank’s website”.

EOCO on Ponzi

In February, the Economic and Organised Crime Office also served notice that two online investment services: Hubtel Money Lending and Royal Gardens Network are operating an illegal online financial service.

EOCO said the two online investment companies had not been registered by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC).

According to EOCO, the modus operandi of the two supposed companies was to entice victims to invest in the companies while promising them high returns.

A statement signed by the Head of Public Relations at EOCO, Faustina Lartey, said: “the companies have been found to operate a Ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronising them”, the statement said.

Source: Graphic Online

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