The Economic and Organised Crime Office (EOCO) and the Securities and Exchange Commission of Ghana (SEC) have issued a statement to caution the general public to desist from investing and patronising the services of Royal Gardens Network and Hubtel Mobile Money Lending.
According to the state’s organised crime-combatting agency, its checks have established that the two firms are registered neither with the Bank of Ghana nor with the Securities and Exchange Commission (SEC). It added that they are not even registered with Registrar General Department. As such, “their operation is illegal”.
Highlighting the companies’ modes of operation, the statement indicated that the two companies entice their victims to invest in them with the promise of high returns. “They do so via mobile money and WhatsApp platforms and Telegram channels, but once they defrauded their victims, they immediately close and delete the platforms and form new ones.”
“The Economic and Organized Crime Office has for some time now been monitoring activities of two online investment schemes called Royal Gardens Network and Hubtel Mobile lending. Checks have established that Royal Gardens Network and Hubtel Mobile lending have not been registered to operate as online investment companies and that they only exist in virtual space ostensibly to defraud unsuspecting victims.”
EOCO Statement
The statement further cautioned the general public to stop entertaining the two companies. It also charged Ghanaians to stop patronizing such schemes.
“Companies have been found to operate a ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronising them.”
EOCO Statement
The statement assured that continuous monitoring will be carried out “with the view to ensuring that citizens are protected from scammers and fraudsters”.
Meanwhile the Securities and Exchange Commission of Ghana also charged the general public to desist from chasing get rich quick schemes and report any of such schemes that approach them to the Commission.
Hubtel Limited Dissociates From Hubtel Mobile Lending company
In the intervening time, the management of Hubtel Limited- a legitimate registered company, has distanced itself from the Hubtel Mobile Money Lending scheme, noting that it knew nothing about the Hubtel Mobile lending company.
“Hubtel Limited wishes to let its valued and cherished customers , clients, partners and the general public know that Hubtel Limited has no affiliation, connection or any business dealings with the Hubtel Mobile Money Lending, nor the other entity being investigated and found to be engaging in illegalities by EOCO”.
Hubtel Statement
The statement added “Hubtel Limited is registered with the Registrar General’s Department and has the approval of the Bank of Ghana to provide enhance payment services to the general public via our mobile app Hubtel, and website www.hubtel.com.”
Hubtel moreover, thanked its customers across the length and breadth of the country for their support.
“Hubtel wishes to thank its customers, clients and partners in Accra, Tema, Kumasi, Cape Coast, and Takoradi and nationwide for the patronage and support over the years and looks forward to continuing to innovate in order to provide you with cutting edge information technology solutions that make commercial transactional life easier.”
Hubtel Statement
The Securities and Exchange Commission urged the public to do a thorough self-assessment of investment firms in the country that may want to introduce new product onto the market before making a decision to invest.
READ ALSO: Asking Students To Seek Their Own Shelter Cannot Be Considered Helpful- Okudzeto Ablakwa
