BUSINESS NEWSNEWS

Don’t invest in Chy Century Heng Yue; it’s a Ponzi scheme – EOCO cautions Ghanaians

The Economic and Organised Crime Office (EOCO) has warned the public against doing business with a Chinese Company called Chy Century Heng Yue Group Limited and Sairuir-Commerce Ghana Limited.

In a statement, EOCO said it had been monitoring the company since the middle of 2020 and has concluded it is a Ponzi scheme.

“The company which is registered as online trading and marketing services also solicits and takes/receives funds through investment packages from its customers with a promise of guaranteed returns/margins of various percentages over a fixed short period of time,” it explained.

“The company operates a Ponzi/Pyramid scheme and the general public is cautioned to desist from investing and patronizing Chy Mall. Therefore, anyone who transacts business with them does so at “their own risk.”

EOCO also noted that the company is operating illegally and is neither registered by the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC).

It operates an E-Commence which comes under the Payment Systems and Service Act 2019 (Act 987) and regulated by BoG.

The SEC and BoG have already issued statements warning that the company “has not been licensed to carry out any Capital Market activity including investing or trading for returns.”

How Chy Century operates

EOCO noted that the company allows customers to purchase a product online from the virtual shop through free registration.

Customers then purchase an investment package that ranges from GHS770 to GHS9,240.

In addition, customers earn money by operating a trading account by owning an online shop and trading in Chy Mall goods in the shop, and engaging in the networking referral system simultaneously or without engaging in the networking referral system.

It also solicits and takes deposits or placements of funds from the general public promising guaranteed returns over a fixed period which is into securities, that are regulated by SEC.

Click here to read EOCO’s full statement

 

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button