The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have cautioned the public against a suspected fraudulent cryptocurrency investment scheme operating under the name “Daily Wealth Guide.”
The regulators said the platform is allegedly enticing unsuspecting members of the public with promises of unusually high returns on their investments.
They also warned that a manipulated video is being circulated on social media falsely portraying President John Dramani Mahama as endorsing the platform.
According to the BoG and SEC, the invitation to members of the public to deposit funds into the scheme constitutes deposit-taking under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as well as provisions of the Anti-Money Laundering Act, 2020 (Act 1044).
The regulators explained that Section 4(i) of Act 930 permits only a body corporate licensed by the Bank of Ghana to undertake deposit-taking activities.
The BoG stressed that it has not licensed any individual or organisation to operate a cryptocurrency investment business and warned that anyone engaging in such activities is breaking the law.
It said offenders could be sanctioned and ordered to refund money collected from members of the public. They may also face administrative penalties ranging from 500 to 100,000 penalty units under Section 53(3) of Act 1044.
The regulators further indicated that persons or entities involved in the scheme could be referred to law enforcement authorities for investigation and possible prosecution under relevant provisions of Act 1044.
Public advised to verify investment platforms
The Bank of Ghana has urged the public to confirm the licensing status of investment operators and other financial service providers with the central bank or the appropriate regulatory authorities before committing funds.
The public has been advised to make deposits only with institutions duly licensed by the Bank of Ghana or other relevant regulators.
The central bank has also directed media organisations, including radio, television and online platforms, not to advertise the services of the purported “foreign investors” associated with the scheme.
Media houses have been encouraged to independently verify the regulatory status of such entities before publishing or airing advertisements for their products and services.
The BoG and SEC said they would work with law enforcement agencies to apprehend and prosecute individuals found to be operating illegal investment schemes.
Members of the public who encounter such activities have been encouraged to report them to the Bank of Ghana through its Financial Stability Department.
The public has therefore been urged to remain vigilant and avoid investing in or engaging with the “Daily Wealth Guide” scheme.
By: Prince Martey-Sogar