The Securities and Exchange Commission (SEC) Ghana has begun investigations into at least three online investment entities operating without physical presence in the country.
Although SEC’s Deputy Director, Paul Ababio declined to reveal the name of the three entities, he stated his unit was working with the Economic and Organised Crime Office (EOCO) to survey the investment landscape and find ways of stemming the tide before vulnerable clients become victims.
The online marketing of products is gaining ground in the country yet there appears to be no solidified regulation or laws to guide the practice leaving loopholes for preying fraudsters posing as business people to swindle folks of their hard earned money leaving some destitute.
The SEC’s intervention follows tens of hundreds of people beseeching state regulators to help them recover sums they put in gold trading firm Menzgold and crypto-currency entity Global Coin Community Help Coin (GCCHC).
Some reports suggest over 3,000 depositors are in a limbo as they cannot locate brains behind the scheme, Kwaku Damete Kumi and David Opatey to access their funds.
Meanwhile Menzgold customers continue to voice their anguish both on the street and online demanding to know the whereabouts of CEO Nana Appiah Mensah who is said to be detained in Dubai.
By Michael Eli Dokosi/goldstreetbusiness.com