[ 2021-02-04 ]

Chinese firm CHY is operating a Ponzi scheme – Eoco
CHY, a Chinese firm is operating a ponzi scheme as
it does not have the license to operate its
current business, the Economic and Organised Crime
Office (EOCO) has revealed.

This comes after almost a year after investigating
the operations of the firm.

It is therefore warning the general public and
investors not to engage the firm in any form of
business as they might be doing so at their own
risk.

“The company which is registered as online
trading and marketing services also solicits and
takes/receives funds through investment packages
from its customers with a promise of guaranteed
returns/margins of various percentages over a
fixed short period of time,” it said in a
statement.

It further said “the company operates a
Ponzi/Pyramid scheme and the general public is
cautioned to desist from investing and patronising
Chy Mall. Therefore, anyone who transacts business
with them does so at “their own risk.”

EOCO also noted that the company is operating
illegally and is neither registered by the Bank of
Ghana (BoG) or the Securities and Exchange
Commission (SEC).

It operates an e-Commence which comes under the
Payment Systems and Service Act 2019 (Act 987) and
regulated by BoG.

The SEC and BoG have already issued statements
warning that the company “has not been licensed
to carry out any Capital Market activity including
investing or trading for returns.”

Source - Ghanaian Times

... go Back