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EOCO, BOG, CSA, Police storm unlicensed online loan platforms, arrest 425 persons

Information reaching Thinknewsonline.com a joint technical task-force comprising EOCO, Bank of Ghana (BOG), Cyber Security Authority (CSA) and Ghana Police Service conducted a swoop in three (3) different suburbs in the Greater Accra Region where a total of four hundred and twenty-two (422) Ghanaian and three (3) foreign nationals were arrested.


The swoop was held on June 10.


According to EOCO, in all, six hundred and fifty-four (654) mobile phones, twenty-two (22) laptop computers and about eight hundred (800) sim cards were retrieved as part of the exercise.


In a communique issued by the Executive Director of EOCO, COP Maame Yaa Tiwaa Addo-Danquah, she said "This followed complaints about the activities of unlicensed online loan application platforms and their threat to the unsuspecting public"


EOCO added that it is enjoined to collaborate with relevant state agencies to safeguard the integrity of the financial markets in Ghana.

The communique revealed that further investigations into these complaints have led to the identification of one hundred and fifty (150) unlicensed digital loan application platforms whose owners/administrators resort to the use of death threats.


it is also emerging that non-consensual distribution of private messages, images and videos mainly accessed through authorized permissions granted by unsuspecting victims who patronize these digital platforms were also used.


COP Maame Tiwa Addo-Danquah reiterated that her outfit will ensure the enforcement of relevant laws on the operations of the financial markets in Ghana.


EOCO however cautioned the general public to desist from having any form of engagements with unlicensed financial entities who ply their trade online.


Story by: Joshua Kwabena Smith

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