Bank of Ghana cautions public against more online Ponzi schemes


The Central Bank said it has not licensed such an entity or any other cryptocurrency exchange platform.
In a statement signed by the Secretary of the BoG, Sandra Thompson, said: “This fraudulent scheme does not reward investors as promised.

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

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 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.

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

This comes after the Economic and Organised Crime Office (EOCO) warned the public to desist from doing any transaction with Royal Gardens Network and Hubtel Mobile Money Lending as they have been noted to operate Ponzi schemes.

According to EOCO, the two companies are neither registered by the Bank of Ghana and the Securities and Exchange Commission (SEC) but operating in the country.