“Don’t invest in Chymall, it is a Ponzi Scheme” – EOCO cautions Ghanaians

Written by in News

2 mins

"Don't invest in Chymall, it is a Ponzi Scheme" – EOCO cautions Ghanaians

The Economic and Organised Crime Office (EOCO) has warned the public against doing business with a Chinese Company called Chy Century Heng Yue Group Limited and Sairuir-Commerce Ghana Limited.

According to a Citinewsroom.com report, EOCO, in a statement, said it had been monitoring the company since the middle of 2020 and has concluded it is a Ponzi scheme.

“The company which is registered as online trading and marketing services also solicits and takes/receives funds through investment packages from its customers with a promise of guaranteed returns/margins of various percentages over a fixed short period of time,” it explained.

“The company operates a Ponzi/Pyramid scheme and the general public is cautioned to desist from investing and patronizing Chy Mall. Therefore, anyone who transacts business with them does so at “their own risk.”

EOCO also noted that the company is operating illegally and is neither registered by the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC).

It operates an E-Commence which comes under the Payment Systems and Service Act 2019 (Act 987) and regulated by BoG.

The SEC and BoG have already issued statements warning that the company “has not been licensed to carry out any Capital Market activity including investing or trading for returns.”

Written By

Online Journalist with Ghbase.com || Blogger || Google Certified Digital Marketer || Journalistalbert@gmail.com

Leave a Reply