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EOCO cautions against Royal Gardens Network, Hubtel Mobile Money Lending

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The Economic and Organised Crime Office (EOCO) has warned Ghanaians against the activities of two unauthorised online investment schemes with the intention of defrauding the public.

A statement signed by Madam Faustina Lartey, Head of Public Affairs Unit, EOCO and copied to the Ghana News agency, said investigations by EOCO had revealed that the Royal Gardens Network and Hubtel Mobile Money Lending operated as online investment companies with the intention to defraud unsuspecting victims.

It said, “Checks have established that Royal Gardens Network and Hubtel Mobile Money Lending have not been registered either by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC) nor with the Registrar General’s Department.”

The statement said, however, they operated by enticing their victims to invest in the companies while promising them high returns using mobile money and WhatsApp platform channels.

It said the practice was that, once they had defrauded their victims, they immediately dissolved the WhatsApp group, and a different group was subsequently created with new members and the cycle continued.

The statement said the two companies operated based on ponzi and pyramid schemes, making initial subscribers to gain profit and eventually taking advantage of the masses who may not suspect the fraud in the end.

It assured the safety of the public to prevent and detect organised crime by monitoring online investments to ensure that citizens were protected from scammers and fraudsters.

Source: GNA

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