The Economic and Organised Crime Office (EOCO) is alerting the public to stop investing and patronising services of Royal Gardens Network and Hubtel Mobile Money Lending.
According to EOCO, its checks have revealed that the two firms are not registered neither with the Bank of Ghana nor with the Securities and Exchange Commission (SEC) but operating.
A news release from EOCO on Thursday signed Faustina Partey, Head of Public Affairs said “Royal Gardens Network and Hubtel Mobile Money Lending have not been registered to operate as online investment companies and they only exist in virtual space to ostensibly defraud unsuspecting victims.”
They are said to entice their victims to invest in the companies with promises of high returns. They do so via mobile money and WhatsApp platforms but after defrauding their victims, they close and delete the platforms and form new ones.
“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 read.
The statement assured that continuous monitoring will be carried out “with the view to ensuring that citizens are protected from scammers and fraudsters”.
Please find attach the release from EOCO below;
By Vincent Kubi