Over 119 thousand Ghanaians duped in Ponzi schemes in 2018 - BoG

Over 119 thousand Ghanaians duped in Ponzi schemes in 2018 - BoG

- Data from the BoG indicates thousands of Ghanaians lost huge sums of monies from fraudulent financial institutions in 2018

- Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors

Over 119, 300 people have lost their monies in various Ponzi schemes in Ghana in 2018, according to data from the Bank of Ghana.

In all, the victims lost investments to the tune of GHS59,568,000.

The BoG listed the companies that were used to dupe the unsuspecting customers as follows; Global Coin Community Help (GCCH), Savannah Brokerage Investment Limited, Bitworld Investments Limited and FX Crypto Trading.

Over 119 thousand Ghanaians duped in Ponzi schemes in 2018 - BoG

Thousand Ghanaians duped in Ponzi schemes in 2018. Source: Citinewsroom.com
Source: UGC

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According to the BoG data, Global Coin Community Help Scheme recorded the highest number of victims with 110, 000 people and the victims lost GHS46,869,043.49.

Savanah Brokrage Investment Limited had 9,172 victims losing up to GHS12,096,000

Bitworld Investments Limited had 100 people affected, losing GHS500,000 and 28 people lost GHS103,200 through FX Crypto Traders.

The central bank further revealed that victims of these schemes include, students, professors, market women, politicians, teachers, police, pastors and soldiers. Note that the figures excludes victims of Menzgold scam.

The regulators of the financial sector including the Bank of Ghana and the Securities and Exchange Commission have also urged the general public to take responsibility of where they invest their monies.

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If you decide to put your money in any investment scheme, you must bear the risk. You can’t say government should come and bail you out from that risk you have taken. Then there will be some sorts of irresponsibility and no form of accountability,” Setor Amediku Head of Payment Systems at the BoG stated at a public lecture organized by the Institute of Chartered Accountants.

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Source: Yen.com.gh

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