Beware of Royal Garden Network and Hubtel Mobile Lending Ponzi schemes – EOCO warns
The public has been cautioned by the Economic and Organised Crime Office against online investment schemes called Royal Garden Network and Hubtel Mobile Lending which operate some Ponzi schemes.
According to EOCO, its investigations have proven that Royal Gardens Network and Hubtel Mobile Money Lending have not followed the due process to operate as online investment companies.
It added that “they only exist in the virtual space ostensibly to defraud unsuspecting victims.”
The said companies on the radar are neither registered by the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC) nor the Registrar General’s Department.
“Their modus operandi has been found to be that they entice victims to invest in the companies while promising them high returns.”
They are said to use mobile money and WhatsApp platform channels.
“Once they have defrauded their victims, they immediately close and delete the WhatsApp group. A different group is subsequently created with new members and the cycle is repeated.”
The public was further assured by EOCO that it will continue to monitor online investments with the view to ensuring that citizens are protected from scammers and fraudsters.
