Hubtel money lending and Royal gardens network are ponzi schemes – EOCO
The Economic and Organized Crime Office [EOCO] has served notice that two online investment services; Hubtel money lending and Royal gardens network are operating an illegal online financial service.
According to EOCO, the said two online investment companies have not been duly registered by the Securities and Exchange Commission (SEC).
In a statement, the anti-graft agency noted the modus operandi of the two companies is to entice victims to invest in the companies while promising them high returns.
“The companies have been found to operate a Ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronizing them”, said Faustina Lartey, head of public relations at EOCO.
The Securities and Exchange Commission (SEC) is however, yet to comment on the new development.
Read full statement below:
Meanwhile, management of Hubtel Limited has distanced itself from the Hubtel Mobile Money Lending scheme which has been characterized as a ponzi scheme by the Economic and Organized Crime Office (EOCO).
A statement issued by Hubtel Limited on Thursday, February 24, 2022 said “Hubtel Limited wishes to let its valued and cherished customers , clients, partners and the general public know that Hubtel Limited has no affiliation, connection or any business dealings with the Hubtel Mobile Money Lending, nor the other entity being investigated and found to be engaging in illegalities by EOCO.”
“Hubtel Limited is registered with the Registrar General’s Department and has the approval of the Bank of Ghana to provide enhance payment services to the general public via our mobile app Hubtel, and website www.hubtel.com.”
“Hubtel wishes to thank its customers, clients and partners in Accra, Tema, Kumasi, Cape Coast, and Takoradi and nationwide for the patronage and support over the years and looks forward to continuing to innovate in order to provide you with cutting edge information technology solutions that make commercial transactional life easier,” the statement added.
