The Economic and Organised Crime Office (EOCO) has announced that Chy Century Heng Yue Group Limited/ Sairui E-Commerce Ghana Limited, a Chinese Company, is a Ponzi/Pyramid scheme. It has therefore asked Ghanaians not to invest in the organisation.
EOCO revealed in a statement that it had been monitoring the company which is registered online as Chy Mall since the middle of 2020.
The company, it explained, allows customers to purchase a product online from the virtual shop through free registration. Customers then purchase an investment package that ranges from GHC770 to GHC9,240.
In addition, customers earn money by operating a trading account by owning an online shop and trading in Chy Mall goods in the shop and engaging in the networking referral system simultaneously or without engaging in the networking referral system.
It also solicits and takes deposits or placements of funds from the general public promising guaranteed returns over a fixed period.
“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 patronising Chy Mall. Therefore, anyone who transacts business with them does so at their own risk,” EOCO added.
Illegality
EOCO indicated that the company is operating illegally and is neither registered by the Bank of Ghana (BoG) nor 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.
It would be recalled that the SEC and BoG had already issued statements warning that the company “has not been licensed to carry out any Capital Market activity including investing or trading for returns.”
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