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The Office of Economic and Organized Crime (EOCO) has warned the public to refrain from investing and frequenting Chy Mall.
A statement issued by Ms Faustina Lartey, Head of Public Affairs of EOCO, for the Executive Director of EOCO, copied to the Ghana News Agency, said that EOCO since the middle of last year has been monitoring the activities of a Chinese company called Chy Century Heng Yue Group Limited / Sairui E-Start Ghana Limited.
He said the company, which was registered as an online commerce and marketing service, had also solicited and taken / received funds through investment packages from its clients with a promise of guaranteed returns / margins. various percentages over a short fixed period of time.
The statement said the company operated a Ponzi / Pyramid system and warned the public against such transactions.
He said that Chy Mall, in its operations, allows customers to purchase a product online from the virtual store through free registration; the clients then purchased an investment package ranging from GH ¢ 770 to GH ¢ 9,240.
“In addition, customers earn money by operating a trading account by owning an online store and exchanging Chy Mall products in the store and engaging in the network referral system simultaneously or without having to register. engage in the network referral system, ”he said, continuing that“ Chy Mall is operating illegally ”.
The statement said Chy Mall was neither registered with the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC).
“It operates an e-commerce that falls under the Payment Systems and Services Act 2019 (Law 987) and regulated by the BoG.”
He said that Chy Mall had also solicited and taken deposits or investments of funds from the public, promising guaranteed returns over a specified period, which was in securities, regulated by the SEC.
He recalled that the SEC on January 8 warned the public that the company had not been licensed to operate in financial markets, including; invest or trade for returns.
The statement said the OECS, in line with its mandate to prevent and detect organized crime, would continue to monitor developments in online investing to ensure citizens are protected against scammers and fraudsters.
“The public is hereby duly notified,” he said.
Source: GNA
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