The Economic and Organised Crime Office (EOCO), has cautioned the public to desist from investing and patronising Chy Mall.
A statement issued by Madam Faustina Lartey, Head of Public Affairs of EOCO, for the Executive Director of EOCO, copied to the Ghana News Agency, said EOCO since the middle of last year, was monitoring the activities of a Chinese Company called Chy Century Heng Yue Group Limited/Sairui E-Commence Ghana Limited.
It said the Company, which was registered as an online trading and marketing services also solicited and took/received funds through investment packages from its customers with a promise of guaranteed returns/margins of various percentages over a fixed short period of time.
The Statement said the Company operated a Ponzi/Pyramid Scheme and cautioned the public against engaging in such transactions.
It said Chy Mall, in its operations, allowed customers to purchase a product online from the virtual shop through a free registration; customers then purchased an investment package that ranged 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 said, continuing that “Chy Mall is operating illegally”.
The statement said Chy Mall was neither registered by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
“It operates an E-Commerce which comes under Payment Systems and Services Act 2019 (Act 987) and regulated by BoG.”
It said Chy Mall also solicited and took deposits or placements of funds from the public, promising guaranteed returns over a fixed period, which was into securities, regulated by SEC.
It recalled that the SEC on January 08, cautioned the public that the Company had not been licensed to carry out any Capital Market activity, including; investing or trading for returns.
The statement stated that the EOCO in line with its mandate to prevent and detect organised crime would continue to monitor developments with online investment with the view to ensure that citizens were protected from scammers and fraudsters.
“The public is hereby duly warned,” it stated.