CHY Mall/Sairui Mall operating ponzi scheme– EOCO warns




The Economic and Organised Crime Office (EOCO) has advised the general public to desist from doing business with CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited.


According to EOCO, upon monitoring the activities of the Chinese company for some time, it has realized that the CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited is operating a Ponzi/Pyramid scheme.


A statement signed by the Head of Public Affairs at EOCO, Faustina Lartey on 2 February 2020 indicated, “The Company which is registered as an online trading and marketing services also solicits and takes/receives funds through investment packages from its customers with a promise of guaranteed C.


“The company operates a Ponzi/Pyramid scheme and the general public is cautioned to desist from investing and patronising CHY Mall. Therefore, anyone who transacts business with them does so at their own risk”.


EOCO further explained: “CHY Mall, in its operations, allows customers to purchase a product online from the virtual shop through a free registration. Customers then purchase an investment package that ranges from GHS770 TO GHS9, 240. In addition, customers earn money by operating a trading account by owning an online shop and trading in CHY Mall goods in the shop and engaging in the networking referral system simultaneously or without engaging in the networking referral system”.


“CHY MALL is operating illegally,” the statement stressed, adding that: “CHY MALL is neither registered by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC). It operates an E-Commerce which comes under the Payment Systems and Service Act 2019 (Act 987) and regulated by BoG. It also solicits and takes deposits or placements of funds from the general public promising guaranteed returns over a fixed period, which is into securities, that is regulated by SEC”.


EOCO stated that in line with its mandate to prevent and detect organised crime will continue to monitor developments with online investment with the view to ensure that citizens are protected from scammers and fraudsters.


“The general public is hereby duly warned,” the statement reiterated.

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