The Economic and Organised Crime Office (EOCO) has cautioned the public against the activities of Royal Gardens Network and Hubtel Mobile Money Lending, two unauthorised online investment schemes.
It explained that both entities entice their victims to invest in the companies while promising them high returns, using mobile money and WhatsApp platform channels.
It add that once they manage to defraud their victims, they immediately dissolve the WhatsApp group, and a different group is subsequently created with new members and the cycle continues.
A statement signed by EOCO Head of Public Affairs Unit, Faustina Lartey, indicated that both institutions had not been recognised by financial regulatory bodies in the country.
“Checks have established that Royal Gardens Network and Hubtel Mobile Money Lending have not been registered neither by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC) nor with the Registrar General’s Department,” it said.
The statement said the two companies operate based on ponzi and pyramid schemes, making initial subscribers to gain profit and eventually taking advantage of the masses who may not suspect the fraud in the end.
It assured the safety of the public to prevent and detect organised crime by monitoring online investments to ensure that citizens are protected from scammers and fraudsters.
Disclaimer
Meanwhile, Hubtel Limited, a leading financial technology company in Ghana, has in a separate statement distanced itself from the issue.
“Hubtel Limited wishes to let its valued and cherished customers, clients, partners and the general public know that Hubtel Limited has no affiliation, connection, nor any business dealings with HUBTEL MOBILE MONEY LENDING, nor the other entity being investigated and found to be engaging in illegalities by EOCO.
“Hubtel Limited is registered with the Registrar Generals Department and has the approval of the Bank of Ghana to provide enhanced payment services to the general public via our mobile app, Hubtel and website,” it said in a statement.
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