The Economic and Organised Crime Office has cautioned the public against two online illegal investment schemes being perpetrated by some yet to be identified fraudsters.
It urged the public to desist from investing and patronising the two online investment schemes called ROYAL GARDENS NETWORK and HUBTEL MOBILE MONEY LENDING.
A statement signed by the head of the public affairs unit of EOCO, Ms Faustina Lartey, on behalf of the Executive Director, Deputy Commissioner of Police (DCOP) Mrs Maame Yaa Tiwa Addo-Danquah, indicated that checks by the office had established that Royal Gardens Network and Hubtel Mobile Money Lending had not been registered to operate as online investment companies.
“The companies are neither registered by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC). They are also not registered with the Registrar General’s Department,” it said.
It said EOCO had been monitoring the activities of the two online investment schemes over a period.
So far, it said it had been found that the two online schemes only exist in the virtual space ostensibly to defraud unsuspecting victims.
Modus operandi
Investigation by EOCO found that the two online schemes entice their victims to invest in the companies by promising them high returns.
“They do so per the use of mobile money and WhatsApp platform channels. Once they have defrauded their victims, they immediately close and delete the WhatsApp group. A different group is…
