Investigations into the activities of a CHY Century Heng Yeu Group Limited by the Economic and Organised Crime Office (EOCO) reveal that the online trading and marketing Service is a Ponzi scheme.
The company which allows customers to purchase a product online from a virtual shop and additionally purchase investment packages ranging from 770 Ghana Cedis to 9240 Ghana cedis has been operating illegally as they are neither registered with the Bank of Ghana nor the Securities and Exchange Commission.
According to EOCO, CHY Mall runs a business module that comes under the Payment Systems and Services Act 2019 (Act 987) and is regulated by the Bank of Ghana.
“It also solicits and takes deposit placements of fund from the general public promising guaranteed returns over a fixed period which is into securities, regulated by the Securities and Exchange Commission”, it revealed.
While advising the general public against doing business with the company, the statement reminded Ghanaians of a Press Statement released by the SEC on January 8, 2021, which informed the public that the company was not licensed to transact the type of business it operates including investing or trading in returns.