The Bank of Ghana (BoG) is warning the general public to be careful of a company known as MMM Ghana which is said to be operating a Ponzi scheme through a virtual office.
The company, which claims to have over 10,000 clients, moves from place to place and mobilizes deposits from the general public.
A statement released here Wednesday signed by Bernard Otabil, Director of Communications, said, “The Bank of Ghana wishes to inform the general public that MMM Ghana is NOT LICENSED by the Bank of Ghana to engage in any form of deposit-taking activity.” The statement further observed the company’s operations conflicts with the regulations of the Central Bank.
“The institution’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system.
The Central Bank warned the general public to careful since “anyone who does business with MMM Ghana does so at his or her own risk.”
The issue of Ponzi schemes is nothing new in the history of the country as several of them have as a result of poor supervision have duped many people of thousands of Ghana cedis.
Prior to the December 2016 presidential and parliamentary elections, DKM, God is Love became quite an issue since several clients had been deceived of obtaining huge returns of their investment with such companies which eventually turned out to be a fiasco. Enditem
Source: NewsGhana.com.gh
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