The Economic and Organised Crime Office (EOCO) has after investigations declared Chy Mall, an online trading and marketing service, a ponzi scheme.
In a statement 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).”
“The general public is, therefore, cautioned to desist from investing and patronising CHY Mall,” the statement added.
According to the Crime Office, 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”.
“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”.
EOCO also noted that the Securities and Exchange (SEC) on January 8, 2021 cautioned the public that “the company has not been licensed to carry out any capital market activity including investing or trading for returns”.
Additionally, the Ghana Investment Promotion Center (GIPC) has also issued a press statement on January 13, 2021, informing the public that the GIPC Act 2013 (Act 865) mandated the GIPC to register all enterprises with foreign participation in Ghana.
However, this registration does 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 statement read.
On this basis, EOCO, in line with its mandate to prevent and detect organised crime has stated emphatically that, “Chy mall is operating illegally.”
EOCO has also assured the general public that it will continue to monitor developments with online investment with the view to ensure that citizens are protected from scammers and fraudsters.