• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, July 25, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

EOCO Affirms CHY/SAIRUI Mall is a Ponzi scheme

February 3, 2021
thevaultzby thevaultz
in General News
0
CHY Mall Responds to SEC & GIPC Allegations

The Economic and Organised Crime Office (EOCO) has affirmed that the activities of the Chinese Company called CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited is commensurate to that of a Ponzi scheme.

‘Ponzi’ scheme in simple term is a form of fraud in which the success of an unlicensed enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors, hence those at the tail end up losing all their monies.

This communique published by EOCO follows after the public interest warning was issued by the Securities and Exchange Commission (SEC) on 8th January 2021, indicating that the Chinese originated electronic commerce firm has not been duly licensed by its outfit to carry out any Capital Market activity including investing or trading for returns. And as such the general and investing public should desist from transacting business with them.

RelatedPosts

Government Moves to Repurpose Road Fund to Prioritise Maintenance

Big Push Channels GHS 13.8bn into Road Projects Under 2025 Mid-Year Budget

Gov’t’s Arrears Audit Nears Completion: GH¢28.3 b Claims Validated, GH¢3.6 b Rejected

Additionally, SEC disclosed that it has referred the matter to the Economic and Organised Crime Office (EOCO) to conduct investigation and due diligence concerning the activities of the e-commerce company.

According to EOCO, since the middle of last year, it has been monitoring the activities of CHY Mall. Also, its investigations reveal that the company is operating illegally.


“CHY MALL is neither registered by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC). It operates an E-Commerce which comes under the Payment Systems and Service Act 2019 (987) and regulated by BoG”.

The company which is registered as an online trading and marketing services also “solicits and takes deposits or placements of funds [through investment packages] from the general public promising guaranteed returns [of various percentages] over a fixed period of time which is into securities, that is regulated by SEC.

eocologo

“CHY Mall, in its operations, allows customers to… purchase an investment package that ranges from GH¢770 to GH¢9240,” EOCO added.

The Ghana Investment Promotion Centre (GIPC) also, issued a press release on 13th January 2021 informing the public that the Chinese E-commerce firm breached the GIPC Act 2013 (Act 865) which mandated the GIPC to register all enterprises with foreign participation in Ghana.

However, GIPC alerted that such registration did not restrict compliance with the requirement of any other enactment. Consequently, allegations that the company engaged in various forms of capital market activities was outside its registered objects at GIPC, amounting to an offence of the law and as such, the Chinese entity is liable to all penalties associated with the breach.

The Economic and Organised Crime Office finally cautioned that CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited operates a Ponzi/Pyramid scheme and as such the general public should desist from investing and patronizing CHY Mall.

“Therefore anyone who transacts business with [CHY Mall] does so at their own risk,” EOCO mentioned, adding that, in line with its mandate to prevent and detect organised crime, its establishment will continue to monitor developments with online investment with the view to ensure that citizens are protected from scammers and fraudsters.

Tags: CHYmallEOCOGhana Investment Promotion Centre (GIPC)Sairui E-Commerce Ghana LimitedSecurities and Exchange Commission
Please login to join discussion
Previous Post

Credit to Private Sector shrinks by over 75% in 2020

Next Post

GSS disseminates Agriculture Census Report

[mc4wp_form id="1264"]

Related Posts

Dr Cassiel Ato Forson, Ghana’s Finance Minister
General News

Government Moves to Repurpose Road Fund to Prioritise Maintenance

July 24, 2025
Dr. Cassiel Ato Forson, Road, Programme
General News

Big Push Channels GHS 13.8bn into Road Projects Under 2025 Mid-Year Budget

July 24, 2025
US special Envoy, Steve Witkoff.
USA

US Recalls Gaza Ceasefire Consultation From Doha

July 24, 2025
Small-Scale Sector Gold Exports Hit $5B in H1 2025 – Finance Minister
Extractives/Energy

Small-Scale Sector Gold Exports Hit $5B in H1 2025 – Finance Minister

July 24, 2025
Trump Urged To Intervene In Gaza’s Hunger Crisis
Asia

Trump Urged To Intervene In Gaza’s Hunger Crisis

July 24, 2025
Ghana’s Finance Minister, Dr. Cassiel Ato Forson
General News

Gov’t’s Arrears Audit Nears Completion: GH¢28.3 b Claims Validated, GH¢3.6 b Rejected

July 24, 2025
Dr Cassiel Ato Forson, Ghana’s Finance Minister
General News

Government Moves to Repurpose Road Fund to Prioritise Maintenance

by Evans Junior OwuJuly 24, 2025
Dr. Cassiel Ato Forson, Road, Programme
General News

Big Push Channels GHS 13.8bn into Road Projects Under 2025 Mid-Year Budget

by Silas Kafui AssemJuly 24, 2025
US special Envoy, Steve Witkoff.
USA

US Recalls Gaza Ceasefire Consultation From Doha

by Comfort AmpomaaJuly 24, 2025
Small-Scale Sector Gold Exports Hit $5B in H1 2025 – Finance Minister
Extractives/Energy

Small-Scale Sector Gold Exports Hit $5B in H1 2025 – Finance Minister

by Prince AgyapongJuly 24, 2025
Trump Urged To Intervene In Gaza’s Hunger Crisis
Asia

Trump Urged To Intervene In Gaza’s Hunger Crisis

by Comfort AmpomaaJuly 24, 2025
Ghana’s Finance Minister, Dr. Cassiel Ato Forson
General News

Gov’t’s Arrears Audit Nears Completion: GH¢28.3 b Claims Validated, GH¢3.6 b Rejected

by Evans Junior OwuJuly 24, 2025
Dr Cassiel Ato Forson, Ghana’s Finance Minister
Dr. Cassiel Ato Forson, Road, Programme
US special Envoy, Steve Witkoff.
Small-Scale Sector Gold Exports Hit $5B in H1 2025 – Finance Minister
Trump Urged To Intervene In Gaza’s Hunger Crisis
Ghana’s Finance Minister, Dr. Cassiel Ato Forson
[/vc_row_inner]

Recent News

  • Government Moves to Repurpose Road Fund to Prioritise Maintenance
  • Big Push Channels GHS 13.8bn into Road Projects Under 2025 Mid-Year Budget
  • US Recalls Gaza Ceasefire Consultation From Doha
  • Small-Scale Sector Gold Exports Hit $5B in H1 2025 – Finance Minister
  • Trump Urged To Intervene In Gaza’s Hunger Crisis
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.