[ 2021-02-18 ]

'Money-doubling', 'card-loading' schemes illegal; stay away from them – BoG warn
It is illegal for any person or institution,
without the mandate and authority of the Bank of
Ghana (BoG), to advertise and engage in
“money-doubling, card-loading and credit
card-loading” activities on traditional and
social media platforms, the central bank has
warned.

BoG has, therefore, cautioned the public to stay
away from such schemes.

In a statement, the central bank explained that
the practices involved inviting members of the
public, through traditional and social media
outlets, to deposit money with
“money-doubling”, “card-loading” and
“credit card-loading” systems through various
service-provider platforms or other channels in
return for attractive returns or opportunities.

It said the invitation to members of the public to
deposit monies with the “money-doubling”,
“card-loading” and “credit card-loading”
systems, amounts to deposit-taking but under
Section 4 of Act 930, only a body corporate
licensed by the Bank of Ghana may carry out
deposit-taking business.

The BoG further noted that it has not licensed any
entities or individuals engaged in
“money-doubling”, “card-loading” and
“credit card-loading” systems.

The said individuals and entities in question,
according to the central bank, commit an offence
and will be required to return all funds
received.

In addition, such persons and entities will be
liable, upon summary conviction, to the
following:

a. Body corporate: a fine of between 2500 to
5000 penalty units

b. Director of a body corporate or other
body of persons: a fine of between 1500 to 3000
penalty units or a term of imprisonment between
two to four years.

An individual: a fine of between 1500 to 3000
penalty units or a term of imprisonment between
two to four years per section 22 of Act.

Source - Class fm

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