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EOCO said the company operates a Ponzi scheme with promises of guaranteed returns for its investors.
In a statement, EOCO cautioned the general public against doing business with the company, insisting it is neither registered with the Bank of Ghana nor the Securities and Exchange Commission (SEC).
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“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,” a section of the statement said.
“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 and SEC have been cracking down on Ponzi schemes and unstable financial institutions in recent years.
In 2019, the BoG revoked the licences of several Savings and Loans Companies over their insolvency.
This formed part of the banking sector clean up, as the government aimed to strengthen the financial sector.