According to EOCO, the two companies are neither registered by the Bank of Ghana and the Securities and Exchange Commission (SEC) but operating in the country.
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Royal Gardens Network and Hubtel Mobile Money Lending are Ponzi schemes – EOCO warns
The Economic and Organised Crime Office (EOCO) has warned the public to desist from doing any transaction with Royal Gardens Network and Hubtel Mobile Money Lending as they have been noted to operate Ponzi schemes.
EOCO
EOCO in a statement said the two companies are to entice their victims to invest in the companies with promises of high returns adding that they do so via mobile money and WhatsApp platforms but after defrauding their victims, they close and delete the platforms and form new ones.
Hubtel Mobile Money Lending
Pulse Ghana
It said: "The companies have been found to operate a Ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronising them."
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It also assured that continuous monitoring will be carried out "with the view to ensuring that citizens are protected from scammers and fraudsters."
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