The Economic and Organised Crime Office (EOCO) and Securities and Exchange Commission (SEC) have sent a strong warning to the general public to be vigilant and desist from investing in unlicensed investment products.
The warning following a joint investigation into activities of some entities largely operating via online channels.
In a joint statement issued by EOCO and SEC on September 13, it said "In line with the above, the SEC and EOCO have embarked on joint investigations into the activities of some entities largely operating via online channels"
"In accordance with relevant provisions of Act 929 as amended and Act 804, the SEC and EOCO wish to inform the general public that the underlined entities are not licensed by the Securities and Exchange Commission (SEC)"
The companies underlined by EOCO and SEC include; PatronPay Ghana/PetronPay Ghana, Cedi Network Ghana, Bitcash Investment, Solar Group, Freedon Synergy, FxKash Investment, Binomo Investment, Hi Pay and Quick Earn.
The others also include Lite Earn, Snap Finance, Fauccet Wealth Investment, Opay Investment, Payme Financial Services, Passive Income, Yvonne Hanson Deals and Alpha Pay.
"Capital Market Operators, Investors, and the general public should be assured that the SEC in collaboration with all relevant law enforcement agencies is committed to ensuring the rigorous enforcement of all the securities laws for operators in the Capital Market to promote an orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected"
Members of the public have been asked to report directly and also enquire for further information.
Below are copies of the joint release:
Story by: Joshua Kwabena Smith