Ghanaian News

Hubtel money lending, Royal gardens network are operating ponzi schemes, says EOCO

The Economic and Organized Crime Office has served notice that two online investment services; Hubtel money lending and Royal gardens network are operating an illegal online financial service.

EOCO said the two online investment companies have not been registered by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC).

According to EOCO, the modus operandi of the two supposed companies is to entice victims to invest in the companies while promising them high returns.

A statement signed by Faustina Lartey, head of public relations at EOCO said, “the companies have been found to operate a Ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronizing them”, the statement said.

Read the full statement below

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