“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 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.
The Securities and Exchange Commission had earlier warned of the illegal activities of the company.
According to the Securities and Exchange Commission (SEC), "Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited is therefore not regulated by the SEC. The General Public is advised to be cautious with investing in unlicensed products."
It said the two entities have not been licensed to invest or trade for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).