The Economic and Organized Crime Office, EOCO has in a statement warned Ghanaians against the activities of two online investment services; Hubtel money lending and Royal gardens network.
The statement said the two are operating an illegal online financial service.
According to EOCO, the said two online investment companies have not been duly registered by the Securities and Exchange Commission (SEC).
In a statement, the anti-graft agency noted the modus operandi of the two companies is to entice victims to invest in the companies while promising them high returns.
“The companies have been found to operate a Ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronizing them”, the statement said.
Meanwhile, the management of Hubtel Limited has also distanced itself from the Hubtel Mobile Money Lending scheme which has been characterized as a ponzi scheme by the Economic and Organized Crime Office (EOCO).
A statement issued by Hubtel Limited on Thursday, February 24, 2022 said “Hubtel Limited wishes to let its valued and cherished customers , clients, partners and the general public know that Hubtel Limited has no affiliation, connection or any business dealings with the Hubtel Mobile Money Lending, nor the other entity being investigated and found to be engaging in illegalities by EOCO.”
