The Economic and Organized Crime Office (EOCO) has declared Chy Mall, an online trading and marketing service, a ponzi scheme after an investigation. This statement was made in a press release signed by its Head of Public Affairs, Faustina Lartey, EOCO revealed that the company is “neither registered by the Bank of Ghana nor the Securities and Exchange Commission (SEC).”
”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”.
”The general public is, therefore, cautioned to desist from investing and patronizing CHY Mall, anyone who do it do it at his own risk” the statement added.
According to the press release, the Chinese Company CHY Century Heng Yue Group Limited/Sairui E-commerce Ghana Limited is registered as an online trading and marketing service.
The company, in its operations, allows customers to purchase a product online from a virtual shop through free registration.
“Customers then purchase an investment package that ranges from Gh¢770 to Gh¢9,240”. the statement added.
“Consequently, allegations that the company engaged in various capital market activities was outside its registered objects at GIPC, as this amount to an offence under section 40 of GIPC Act 2013 (Act 865)”, the statement read.