Ghana’s Police service has launched investigations into the activities of a Ponzi scheme that has been patronized by thousands of its citizens.
Customers of an online investment scheme, Savana Brokerage, are counting their losses as the digital platform has been inaccessible for weeks.
It is estimated that funds amounting to over $452,000 were invested by Ghanaians.
Ghana’s Central Bank and the Securities and Exchange Commission, major financial regulators in the West African nation are yet to comment on the development.
Savana Brokerage is also reported to be operating without a license which means its mandate to receive and invest funds in Ghana was illegal.
The address on the website of the company before it went down said Savana Brokerage was a Kenyan company with location in Nairobi.
The website said the company started operations in Ghana in 2014 and operated three packages; Knight Package, Queen Package and Kings Package.
Knight Package was a weekly form of investment – every customer was to invest more than $10 (GH 50) with promised 10 percent profit on weekly basis. That means customers get 40 percent return on their capital at the end of the month.
Queen package patrons get 60 percent on their investments after a month.
Kings Package promised 100 percent return on an investment. The investment was to last for three month.
To invest some victims said the money was to be paid through an MTN Mobile Money Merchant; the biggest telecommunication company in Ghana, and the operators of the scheme get access to the funds.
Currently, MTN appeared to have blocked all the merchant accounts but huge sums of money are now stack in those accounts.
The merchants are not able to go for the funds due to some irregularities and tax issues with the accounts now under investigation by the telecom company.
When contacted, an official of MTN said the company is not in the position to comment on the issue.
Since the website went down about two months ago, customers have begun galvanizing themselves for a class action.
They have formed regional and intercity Telegram and WhatsApp groups to push their concern.
One of the affected customers told Africa Feeds that “the caliber of people who have invested in Savanna belong to the Elite. Some students also used their Student Loans and Fees to invest. I know someone who has invested GHC60,000 ($13,000). He is going mad. This is a very troubling development.”
The customers are hopeful that they might retrieve some of the funds due after MTN blocked the merchant accounts which has so far secured about GHC2 million ($450,000).
Africa Feeds gathers that some customers have lodged complaints with the Police in Ghana. MTN has also begun intensive investigations into the matter.
About seven MTN Mobile Money accounts have been blacklisted by the telecom company.
The Police has also confirmed that some monies are still lodged in the accounts and will be reversed to the investors after investigation.
Source: Africafeeds.com / Osei Owusu Amankwaah