Tag: Ponzi Schemes
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Kwabena Adu Koranteng Writes : Proliferation of Unlicensed Investment Schemes- A National Security Threat
It is interesting to note that after the emergence and collapse of the infamous MENZGOLD investments schemes, several other unlicensed investment schemes have emerged and are still mushrooming with the latest one being Sidicoin. The Bank of Ghana has sent a stern warning to the general public and registered its displeasure about the operations of…
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Databank’s Alex Boahen advocates for more education on Ponzi schemes
Amidst the growing concern about the operations of Ponzi schemes in the country, the Head of Research at Databank, Alex Boahen, has reiterated the need for more investor education by the regulators. This follows the recent conclusion by the Economic and Organised Crime Office (EOCO) that Chy Mall, under which Chy Century Heng Yue Group…
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GN Bank wasn’t a ponzi scheme – Groupe Nduom replies Finance Minister
Groupe Nduom, owners of defunct GN Bank, has debunked claims that it operated as a ponzi scheme prior to being declared insolvent by the Bank of Ghana. According to them, the Minister of Finance, Ken Ofori-Atta, while speaking in an interview on Accra-based, Asaase Radio on Sunday, July 26, stated that “When we got into…