EOCO Flags 2 Online Investment Schemes Over Fraudulent Activities

The Economic and Organised Crime Office has cautioned the public against online investment schemes called Royal Gardens Network and Hubtel Mobile Lending, which operate Ponzi schemes.

In a statement, it said checks have established that Royal Gardens Network and Hubtel Mobile Money Lending have not been registered to operate as online investment companies.

It added that “they only exist in the virtual space ostensibly to defraud unsuspecting victims.”

The companies are neither registered by the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC) nor the Registrar General’s Department.

“Their modus operandi has been found to be that they entice victims to invest in the companies while promising them high returns.”

They are said to use mobile money and WhatsApp platform channels.

“Once they have defrauded their victims, they immediately close and delete the WhatsApp group. A different group is subsequently created with new members and the cycle is repeated.”

EOCO further assured that it will continue to monitor online investments with the view to ensuring that citizens are protected from scammers and fraudsters.

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

Read the full statement below