MTN to pay GHS12.2m Savannah 'Ponzi' funds to victims
This decision was taken after the management of MobileMoney Limited met with representatives of the victims of Savannah Brokerage Investment Limited “Ponzi” scheme, the Ghana Police CID and the Regulator.
To make the payment a smooth one, the police CID has initiated the process to secure a court order to unfreeze the wallets to facilitate the disbursement. The total amount to be disbursed is GHS 12.288 million, which comprises GHS 12.096 million being the actual amount frozen by MobileMoney Limited and GHS192, 297 being the interest generated over the period.
MTN reported a suspected Ponzi scheme a few months ago. The telco subsequently took steps to safeguard the interest of its customers by reporting the case to the Regulator and the Police. MTN was authorised to freeze the wallet for investigations to be conducted.
After the meeting, the stakeholders provided a guide for the disbursement of funds.
1. Only those who invested and have not received any payments qualify for the refund
2. Those who invested and got part of their principal paid to them also qualify.
3. All those who invested and got their contributions back in full along with those who got their contributions and more do not qualify for the refund.
4. The refund will be disbursed proportionally based on each person’s contribution made as against the total investment.
5. Contributors who have received part of their investments before the freeze will have that amount deducted from their total expected and the difference paid to them. This is to ensure the equitable distribution of funds.
6. Those who invested from their own mobile money wallets will not be required to provide any information because all related information are available.
7. However, those who visited various MTN Mobile Money Agent/Merchant points requesting for investments to be made on their behalf must provide at least the three mandatory items below for identification before the refund would be made:
• Name of Agent/Bank Branch (Mandatory)
• Reference Number /Username (Mandatory)
• Amount (mandatory)
• Transaction ID
8. The modalities shall be made public for 5 working days after which the disbursements will commence, barring any development within the 5 working days and upon receipt of the court order to proceed with the disbursements.
9. MobileMoney Limited will send an activity report to the Regulator upon completion of the disbursement exercise.
MTN Ghana wishes to assure its customers that it will continue to work closely with the Regulator and other relevant stakeholders to keep the business of Mobile Money safe and secure.
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