The Economic and Organised Crime Office (EOCO) has warned the public to desist from doing any transaction with a Chinese Company, Chy Century Heng Yue Group Limited or Sairui E-commerce Ghana Limited as they have been noted to operate ponzi schemes.
The company, which also operates under the name Chy Mall/Sairui Mall allows customers to purchase a product online from a virtual shop through a fee registration.
“Customers then purchase an investment package that ranges from GHS770 to GHS9,240. 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. Chy Mall is operating illegally,” a statement from EOCO signed by Head of Public Affairs Faustina Lartey explained.
The warning follows a recent statement from the Securities and Exchange Commission (SEC), which also cautioned the general public not do any business with the company.
According to EOCO, Chy Mall is neither registered by the Bank of Ghana and the SEC.
The company is said to operate an E-Commerce which comes under the Payment Systems and Services Act2019 and regulated the BoG even though they are not qualified to do so.
The company “also solicits and takes deposits or placements of funds from the general public promising guaranteed returns over fixed period which is into securities, that is regulated by SEC”, the statement explained.
EOCO, stressed that the Chy Mall is not qualified to undertake all those services hence was operating ponzi schemes.
Meanwhile, the Ghana Investment Promotion Center (GIPC) has explained that the GIPC Act 2013(Act865) mandates the center to register all enterprises with foreign participation in Ghana, however, such registration did not restrict compliance with the requirements of any other enactment.
“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 GIPC clarified.