COP Maame Yaa Tiwaa Addo-Danquah, Executive Director of the Economic and Organized Crime Office (EOCO), has called on the Securities and Exchange Commission of Ghana and other security agencies in the country to come together to fight the prevalence of Ponzi schemes and other cyber related crimes in the country to safeguard the Ghanaian populace.
According to the Executive Director of EOCO, victims of such schemes are crying for help because of the significant amount of monies they have lost as a result of Ponzi schemes. She thus, noted that collaboration is the surest way to clamp down such activities and prevent people from falling victims to the wicked activities of criminals online and eventually, sanitize the cyberspace.
“If we don’t stop it [Ponzi scheme] now, it will get to a point where people would have lost a significant amount of money, and you understand what it means to us. People are crying; some of them are committing suicide because they had invested so much and they have lost the monies and now it becomes an issue, not only for Police but sometimes, it is for the government too because when they [Ponzi scheme investors] enter and things don’t go well, they come back to the government and they say the government should pay the money.”Tiwaa Addo-Danquah
Rise in Cybercrime
COP Addo-Danquah asserted that EOCO has in recent times observed a rise in cybercrime, and has been working with the Telcos to identify and crack down on those behind the practice. She insisted that such activities shouldn’t be happening in the country.
“We shouldn’t allow it to happen at all. That is why we should work hard; any information that we get, we shouldn’t take it for granted. We should work on them and together; EOCO here, BNI here, National Security here; police here– everybody on the ground.”Tiwaa Addo-Danquah
Commenting on the statement released by EOCO indicating that some two companies are not registered with the Securities and Exchange Commission and other relevant agencies, she disclosed that EOCO is trying to get the culprits arrested.
“We checked and realized that these organizations are not registered by Bank of Ghana (BoG). They are not registered by Security and Exchange Commission (SEC) and even not by the Registrar General. It’s just some people who have devised those means to take money from people and the majority of people are vulnerable.
“We are still working around the clock; with the Telcos, because they are using mobile devices and telephone numbers. So, we are working with them to find out who are those behind the online scams and at the end of the day, the law will take its course.”Tiwaa Addo-Danquah
Recently, EOCO warned the public not to transact with some companies. This includes: CHY Mall, a Chinese firm; Royal Gardens Network and Hubtel Mobile Money Lending services.
“They are running a Ponzi scheme since they lack the necessary licenses to run their line of businesses.”Tiwaa Addo-Danquah
In conclusion, COP Addo-Danquah urged the public to report any suspicious investment companies.