In a statement from EOCO on Friday said Payboy Company Limited does not have the license from either the Bank of Ghana or the Securities and Exchange Commission to perform the services it purports to offer.

“The General Public is advised to be circumspect when dealing with companies or individuals if it involves financial commitments,” EOCO cautioned.

“Investigations are ongoing,” it added.

Menzgold said on May 19 that it had appointed Payboy to facilitate payments with its clients.

Over 10,000 Menzgold customers who invested in gold collectibles with a subsidiary of the firm in a scheme that promised up to 10% monthly returns are still not sure when their investments would be paid to them as all efforts over the past almost two years have proven futile.

EOCO arrests Payboy officials after appointment by Menzgold to pay its customers
EOCO arrests Payboy officials after appointment by Menzgold to pay its customers

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The SEC ordered a shut-down of Menzgold's operations after investigations revealed they were taking cash deposits illegally.

Since September 2018, clients’ monies have been locked-up.

Though the SEC says the total sum locked up is unknown, the state began prosecuting CEO of Menzgold, Nana Appiah Mensah for defrauding clients to the tune of GH¢1.68 billion.