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Fraud Alert: SEC, EOCO Caution Against Investing 17 Companies In Ghana

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The Securities and Exchange Commission (SEC) and the Economic and Organised Crime Office (EOCO) are warning the public to be wary of any engagement with some 17 companies allegedly operating illegally in the country.

This follows a joint investigation into activities of these investment financial firms, operating largely online.

In a statement, the Commission said the 17 companies were found to be operating without license.

The firms are:
Ghana/PetronPay Ghana
Cedi Network
Bitcash Investment
Solmax Group
Freedom Synergy
FxKash Investment
Binomo Investment
Hi Pay
Quick Earn
Lite Earn
Snap Finance
Faucet Wealth Investment
Opay Investment
Payme Financial Services
Passive Income
Yvonne Hanson Deals
Alpha Pay

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“The general public is hereby advised to be vigilant and to desist from investing in all unlicensed investment products,” the joint statement issued on Tuesday, September 13 said.


“Capital Market Operators, investors and the general public should be assured that the SEC in collaboration with all relevant law enforcement agencies is committed to ensuring the rigorous enforcement of all the securities laws for operators in the capital market to promote an orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.”

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This is in accordance with Section 3(b) of the Securities Industry Act, Act 929, as amended by Act 1062 and Section 3(d) of the Economic and Organised Crime Act 2010, Act 804.



Below is the full statement:



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No photo description available.



May be an image of text that says 'and the integrity of the market are protected. Members of the public may report directly and enquire for further information via: SEC: Toll-free line number: 0800100065 Email: info@sec.gov.gh. EOCO: Telephone number: 0579709066 Email: eoco@eoco.gov.gh 929) This release is issued pursuant to Sections and 208(c) of the Securities Industry Act, 2016 (Act amended and Section 3(e) of the EOCO Act 804, Act 2010. ISSUED BY JOINT ORDER OF THE SECURITIES AND EXCHANGE COMMISSION AND THE ECONOMIC AND ORGANISED CRIME OFFICE DA DATED: 13TH SEPTEMBER 2022'






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