The Bank of Ghana is warning the public against a money doubling scheme which operates under the name “BitCash Currency Exchange” and claims to have approval from the Central Bank.

In a statement, the Central Bank said it has not licensed such an entity or any other cryptocurrency exchange platform.

“This fraudulent scheme does not reward investors as promised. Unsuspecting recipients of such messages who click on the hyperlink or forward such messages compromise the safety of their funds, their WhatsApp accounts and other social media profiles, as well as those of friends and family on their contact list.”

To this end, the Bank of Ghana advised the public to delete such messages upon receipt and desist from forwarding them to others.

Again, it also wants Ghanaians to remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised, verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.

Additionally, it urged the public to place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the necessary protection under the applicable banking laws as well as review and familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12 which can be found on the Bank’s website.

It encouraged the general public not to engage in such activities and to report such illegal activities and illegal operators.