BoG warns public against Ponzi scheme MMM Ghana

Lorlornyofm
By Lorlornyofm May 11, 2017 05:04

BoG warns public against Ponzi scheme MMM Ghana

The Bank of Ghana (BoG) is cautioning the general public against the activities of a company called MMM Ghana, which is it says is operating a Ponzi scheme through a virtual office.

According to the Central Bank, the company, which claims to have over 10,000 clients, moves from place to place and mobilises deposits from the general public.

“The institution’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system.

“The Bank of Ghana wishes to inform the general public that MMM Ghana is NOT LICENSED by the Bank of Ghana to engage in any form of deposit-taking activity, hence anyone who does business with MMM Ghana does so at his or her own risk,” BoG said.

Source: myjoyonline.com

 

Lorlornyofm
By Lorlornyofm May 11, 2017 05:04
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

Your e-mail address will not be published.
Required fields are marked*

*

Recent Comments

  • Oxygen

    Oxygen

    Yeah I think it is time the government officials start accounting for their deeds. They cannot just come into power…

    View Article
  • Sammy the VIRUS

    Sammy the VIRUS

    In my estimation,I believe the average man in his quest to satisfy his libido will stop at nothing to have…

    View Article
  • Sammy the VIRUS

    Sammy the VIRUS

    There is this maxim within our local circles that says a man who works at Barkleys bank does not collect…

    View Article