Audio By Carbonatix
The Bank of Ghana (BoG) has cautioned 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.
Latest Stories
-
EchoWave earns praise for sound quality at 10th Women in Worship
9 minutes -
Crackdown on South Africa’s unsafe streets ordered by president to keep women safe
21 minutes -
Banks are responding to improved monetary policy conditions – John Awuah
40 minutes -
Judges’ conference forces further adjournment of Salomey Baffoe case to Oct. 5
52 minutes -
GRA assures Tullow of collaboration  to settle $393m tax liability without disrupting its petroleum operations
1 hour -
South Korea demands apology from Pyongyang for landmine blasts that injured three
1 hour -
Carlos Queiroz not the sort of coach Black Stars need – Nii Lante Vanderpuye
2 hours -
AFCON 2027Q: ‘Our Black Stars team is gone’ – Former Sports Minister
2 hours -
Prof. Prempeh calls for public review of draft constitutional reform bills
2 hours -
AFCON 2027Q: ‘I have never seen a poor performance from Black Stars like against Gambia’ – Nii Lante Vanderpuye
3 hours -
Bawumia backs insurance sector reforms after engagement with IBAG
3 hours -
Nigeria set to launch National Digital Address System 9 years after Ghana showed the way
3 hours -
Policy rate decision takes time to reflect in lower lending rates – BoG
3 hours -
Polytanks Ghana supports GNFS with water storage tanks
3 hours -
Western Regional Minister applauds Karpowership’s role in Ghana’s power sector
3 hours