The Securities and Exchange Commission (SEC) has cautioned the investing public against engaging with an unlicensed investment scheme being promoted by Mekanism Marketing Limited, describing its operations as unauthorised and illegal.
In a public notice, the Commission said Mekanism Marketing Limited, also referred to as “Mekanism,” is neither licensed, authorised nor approved to operate in the nation’s capital market. Consequently, any investment activity undertaken by the entity constitutes a breach of the law.
According to the SEC, the scheme is being aggressively promoted online through social media advertisements and other digital platforms to solicit funds from members of the public.
The entity reportedly invites individuals to deposit money for investment purposes, promising fixed daily returns that vary depending on the amount invested.
Participants are also said to be required to undertake vague and unspecified tasks described as “Job 1” to “Job 10” as a basis for earning daily, monthly or annual income.
The Commission noted that the promised returns appear unrealistic and unsustainable, bearing characteristics commonly associated with fraudulent schemes designed to lure unsuspecting investors with the prospect of guaranteed profits.
Citing Section 109 of the Securities Industry Act, 2016 (Act 929), the SEC emphasised that no person may operate as a market operator, broker, dealer, investment adviser or fund manager without a valid licence issued by the Commission. It warned that persons who contravene the Act are liable to administrative and criminal sanctions.
The notice also referenced the Companies Act, 2019 (Act 992), which makes it unlawful to invite the public to invest in a company’s securities without complying with statutory requirements.
The SEC disclosed that it is collaborating with relevant law enforcement agencies to identify and take appropriate action against the individuals behind the suspected scheme.
The Commission urged investors to verify the licensing status of any individual or entity offering investment products or services before committing funds, stressing that due diligence remains critical to safeguarding investments and protecting the integrity of Ghana’s capital market.
A Business Desk Report