SEC warns public against rising “money doubling” scams on TV, flags 33 stations

The Securities and Exchange Commission (SEC) has issued a strong warning to the public over the surge in suspected fraudulent investment schemes, popularly known as “money doubling,” being promoted on some television stations across the country.

In a public notice, the Commission said these schemes typically promise unusually high returns with little or no risk, a hallmark of fraudulent operations designed to deceive unsuspecting individuals into parting with their money

The commission stressed that none of the investment programmes currently being advertised on television have been approved, authorised, or licensed by the SEC.

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The SEC cautioned the public to remain vigilant and avoid engaging with any unlicensed entities. It advised potential investors to exercise due diligence and verify the legitimacy of any investment product before committing funds.

The SEC also warned individuals and groups promoting these schemes that their activities constitute a criminal offence under Section 144(1) of the Securities Industry Act, as amended, and Section 294(1)(b) of the Companies Act. These laws prohibit the public promotion or advertisement of securities-related products without proper authorisation from the Commission.

They also urged anyone seeking clarification on the licensing status of an investment firm or promoter to contact its toll-free line (0800 100 065), its office numbers (0302 768 970–2), or email info@sec.gov.gh.

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The Commission noted that it has already identified several entities involved in broadcasting deceptive investment advertisements, although specific names were not disclosed. It reaffirmed its commitment to safeguarding investors and ensuring a fair, transparent, and efficient securities market in Ghana.

The rest of the TV stations cited for fraudulent activities include:

1. Advice TV

2 . Adwempa TV

3 .KTV TV

4 . Akyedie TV

5. Kumaplus TV

6.Megyefo TV

7.Asomafo TV

8. Asomdwie TV

9. MY TV

10. Benedict TV

11. Nkabom TV

12. Best TV

13 . Passion TV

14. Big TV

15. Run TV

16 . Seekers TV

17 . Breeze TV

18 . Diamond TV

19. Simple TV

20. Eagle TV

21 . Elephant TV

22. Energy TV

23 . Funny TV

24. Golden TV

25 . Goodness TV

26. Hyebre TV

27. Starboy TV

28. Today’s GH TV

29. TV Magic

30. Unik TV

31. VIP TV

32. XTV

33 . Happy TV