The Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh has pledged to intensify its collaboration with the Economic Organised Crime Office (EOCO) to unmask faceless individuals behind activities of online ponzi schemes in the country.
According to the Director-General of the Securities and Exchange Commission, his outfit is also working with stakeholders to publish and prosecute the names of individuals who are found responsible for online Ponzi schemes.
Rev. Daniel Ogbarmey Tetteh mentioned that an investigation team is working with the security services and other stakeholders to track the culprits to face the full rigours of the law.
Addressing the issue in a video message, the Director-General of SEC, Rev. Daniel Obgarmey Tetteh, noted that the move is necessary to rebuild confidence in the investment market. He added that it is important for the regulatory authority to remove fake investment schemes in the market to attract more investors into the country.
“We are not going to relent in our efforts to see the possibilities of tracking the culprits behind this case. We will continue to keep our eyes on the grounds.”Rev. Daniel Obgarmey Tetteh
Naming and Shaming
Providing some updates on works undertaken with some security agencies, Rev. Tetteh, stated that the next step is to publish and prosecute everybody connected with fake investment schemes in the country.
“Our investigation team is actually being proactive to pick up such schemes that may be operating under-ground and again expose them. We believe that when we expose them, we will reduce their effectiveness.”Rev. Daniel Obgarmey Tetteh
Rev. Daniel Obgarmey Tetteh stressed that SEC will continue to educate the public and alert the police to quickly move in to stop fraudulent people from deceiving unsuspecting investors.
“We will continue to alert the public and then reduce the number of people being scammed. We have intensified our collaboration with the security agencies to achieve this target.”Rev. Daniel Obgarmey Tetteh
Rev. Daniel Obgarmey Tetteh made this known after the SEC and EOCO warned the public to desist from investing in 17 unlicensed investment products through online channels.
The issue of Ponzi is on the rise in the financial industry. This year alone has seen the regulator warn against many Ponzi Schemes operating in the country.
In January this year, the Securities and Exchange Commission cautioned the public against doing business with TIZAA Ghana Fund which was offering 50% profit in 10 days.
SEC subsequently warned Ghanaians about the illegal investment activities of Chinese firms Chy Century Heng Yue Group Limited and Sairui e-commerce Ghana Limited, describing their activities as a ponzi scheme. It also warned against investing in Wiseling Online Investment Company, a Finnish-based company in the country.