EOCO alert! These two companies are ponzi schemes

The Economic and Organised Crime Office (EOCO) is cautioning the general public to desist from investing and patronising services of Royal Gardens Network and Hubtel Mobile Money Lending.

According to the state’s organised crime-combatting agency, its checks have established that the two firms are registered neither with the Bank of Ghana nor with the Securities and Exchange Commission (SEC) but operating.

They are said to entice their victims to invest in the companies with promises of high returns. They do so via mobile money and WhatsApp platforms but after defrauding their victims, they close and delete the platforms and form new ones.

“The companies have been found to operate a ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronising them,” a news release from EOCO on Thursday said.

The statement assured that continuous monitoring will be carried out “with the view to ensuring that citizens are protected from scammers and fraudsters”.