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Mobile Money MTN freezes account of Ponzi scheme over GH¢11m default

According to the General Manager of Mobile Financial Services at MTN Ghana, Eli Hini, people must be educated on Ponzi schemes to avoid being swindled by internet fraudsters.

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General Manager of Mobile Financial Services at MTN Ghana, Eli Hini play

General Manager of Mobile Financial Services at MTN Ghana, Eli Hini

Ghana’s leading telecommunication company MTN Ghana, has stated that it is awaiting directives from the Financial Intelligence Centre (FIC) on how to disburse about eleven million cedis (GH¢11,000,000) to customers whose monies have been held up in the company’s mobile money services.

It is estimated that funds amounting to over GHC2million was invested across the country by about 3000 Ghanaians.

Interested clients were expected to send the money through an MTN Merchant and the operators of the scheme get access to the funds.

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When it came to their notice, MTN Ghana has frozen the account of the Ponzi company in a bid to safeguard the interest of customers.

According to the General Manager of Mobile Financial Services at MTN Ghana, Eli Hini, people must be educated on the issue to avoid being swindled by internet fraudsters.

“From the initial investigations, it appears to be something which has been running for a couple of months. Indeed people had put in money and were very confident about what they were promising. The surprising thing for us when we spoke to some of those who were involved was the fact that they had actually not had any interaction with an official rather all they did was the promises they picked up on the website. Much more needs to be done,” he said.

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In a statement, it stated that MTN Ghana is doing all it can to unfreeze the various accounts when the investigation is over.

“MTN awaits further direction and clarification on the frozen funds and assures its valued customers that once we receive a clear directive after the investigation we shall comply,” it said.

Read the full statement by MTN below.

MEDIA STATEMENT ON SAVANNA BROKERAGE INVESTMENT

MTN has received complaints from some of its Mobile Money customers who allegedly contributed to a Ponzi scheme operated by Savanna Brokerage Investment and are demanding for reversal of their respective amounts invested.

MTN uncovered the suspected Ponzi scheme and took steps to safeguard the interest of its customers by freezing the wallets and reporting the case to the police and the regulator for investigation.

The regulator through the Financial Intelligence Centre is currently investigating the suspected fraudulent or investment scam in relation to Savanna Brokerage Investment.

MTN is working closely with the regulator to ensure the right procedure is followed and all relevant obligations are fulfilled before disbursement of any funds.

MTN awaits further direction and clarification on the frozen funds and assures its valued customers that once we receive a clear directive after the investigation shall comply.

Journalists or any other interested persons seeking further information on the subject are advised to contact MTN or the Regulator.

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