Beware of ‘lucrative’ online investments - Police warns

Beware of ‘lucrative’ online investments - Police warns

The Ghana Police Service has warned the general public to be wary of the kind of investments they make, especially when it comes to lucrative online deals.

The police said most of these online investments are Ponzi schemes with the aim of duping unsuspecting people.

Speaking to Graphic Online, Director of Cybercrime Unit of the Criminal Investigations Department (CID), Dr Herbert Gustav Yankson, said investigations are currently ongoing regarding such dubious schemes.

Beware of ‘lucrative’ online investments - Police warns

Dr Herbert Gustav Yankson. Source:
Source: UGC

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According to him, several unsuspecting people have been defrauded of monies running into millions of Ghana cedis.

He said most investors are lured into investing with these online schemes due to the high interests on offer.

Dr. Yankson said normally the interests on offer are unrealistic and the victims only get to find out rather too late.

He explained that the fraudsters usually paid these unrealistic interests and when they realised the numbers had increased, they gave excuses such as website upgrades.

When people request for their investments, they pay with all interests accrued just to attract a higher number of people as they know people will market their platform and even increase their initial investment,” Dr. Yankson said.

He admitted that tracing these fraudulent online schemes is difficult, saying some of the websites perpetrating the act are based outside Ghana.

He, however, added that the Police is liaising with their foreign counterparts in order to trace the culprits.

It is very difficult to trace such activities as we cannot tell who runs the business or the location.

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“So far, the few people we have arrested claim they are either associates or marketers who only registered with them online and cannot tell their physical locations,” Dr. Yankson added.

He, therefore, urged the public to be wary of where they invest so as not to fall victim to these fraudulent online schemes.

A Ponzi scheme is a form of fraud in which a purported business lures investors and pays profits to earlier investors using funds obtained from newer investors.

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