The Economic and Organised Crime Office (EOCO) has raised red flags about the illegal operations of Chinese company, CHY CENTURY HENG YUE GROUP LIMITED/SAIRUI E-COMMENCE GHANA LIMITED.
The company’s operation, it said, is a Ponzi scheme and warned the public to desist from investing and patronising the CHY MALL.
It warned that anyone who transacts business with the company does so at their own risk.
A statement from EOCO indicates it has, since the middle of last year, been monitoring the activities of the Chinese Company, which is registered as an online trading and marketing services.
The Company, it said, also solicits and takes funds through investment packages from its customers with a promise of guaranteed return and margins of various percentages over a fixed short period of time.
“Chy Mall, in its operations, allows customers to purchase a product online from the virtual shop through a free registration. Customers then purchase an investment package that ranges from GHS77O to GHS9,24O.”
“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.”
“CHY MALL is operating illegally,” it warned.
CHY MALL, EOCO said, is neither registered by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC).
“It operates an E-Commence that comes under the Payment Systems and Service Act 2019 (Act 987) and regulated by BoG.”
“It also solicits and takes deposits or placements of funds from the general public promising guaranteed returns over a fixed period, which is into securities, that is regulated by SEC.”
The statement said the Security and Exchange Commission (SEC) on 8th January, 2021 cautioned the public that the company has not been licensed to carry out any Capital Market activity including investing or trading for returns.
The Ghana Investment Promotion Centre (GIPC), it said, on 13th January, 2021 also issued a press statement that informed the public that the GIPC Act 2013 (Act 865) mandated the GIPC to register all enterprises with foreign participation in Ghana.
However, such registration did not restrict compliance with the requirements of any other enactment.
According to GIPC, the company’s engagement in various capital market activities was outside its registered objects, as this amount to an offence under Section 40 of GIPC Act 2013 (Act 865).
EOCO assured that in line with its mandate to prevent and detect organised crime, it will continue to monitor developments with online investment with the view to ensure citizens are protected from scammers and fraudsters.
Source: Mypublisher24.com