The Bank of Ghana (BoG) has urged the general public to desist from depositing funds with a money doubling scheme operating as BitCash Currency Exchange.

The Central Bank, in a notice to the public dated March 8, denied approving or licensing such an entity.

"By this Notice Bank of Ghana wishes to inform the general public that 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,” the BoG said in a notice on Tuesday.

It added that the public should delete such messages they receive from BitCash Currency Exchange and avoid forwarding the messages to other people.

The Central Bank further advised the public to verify from it or other relevant authorities, the licensing status of persons or entities before depositing their funds with them.

The BoG also encouraged the public to place deposits only with institutions licensed by the Bank of Ghana to be assured of protection of their deposits under the applicable banking laws.

The general public is to report such illegal activities and operators to the Financial and Stability Department of the Bank of Ghana.