The Economic and Organised Crime Office (EOCO) has warned the public against two online investment companies operating Ponzi schemes.

A statement issued by the Head of Public Affairs at EOCO, Faustina Lartey, on February 24, said the companies called Royal Gardens Network, and Hubtel Mobile Money Lending have not been registered to operate as online investment companies.

It added that “they only exist in the virtual space ostensibly to defraud unsuspecting victims.”

"The companies are neither registered by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC). They are also not registered with the Registrar General’s Department," the statement disclosed.

EOCO’s investigation found that the two schemes entice their victims to invest in the companies by promising them high returns through mobile money and WhatsApp platforms.

“Once they have defrauded their victims, they immediately close and delete the WhatsApp group. A different group is subsequently created with new numbers, and the cycle is repeated.”

“The companies have been found to operate a Ponzi/pyramid scheme, and the general public is cautioned to desist from investing and patronising them,” EOCO warned.

Meanwhile, the Office assured the public of its resolve to continue monitoring online investments with the view to ensuring that citizens are protected from scammers and fraudsters.