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Ghana: MMM Defrauding Ghanaians With Ponzi Scheme Operations – BoG

The Bank of Ghana (BoG) has indicated that MMM Ghana is NOT LICENSED by the Bank of Ghana to engage in any form of deposit-taking activity, hence anyone who does business with MMM Ghana does so at his or her own risk.

In a statement issued by BoG, it stated that MMM Ghana is operating a Ponzi scheme through virtual office and hence, “The institution’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system.

“The Bank of Ghana wishes to inform the general public that MMM Ghana is NOT LICENSED by the Bank of Ghana to engage in any form of deposit-taking activity, hence anyone who does business with MMM Ghana does so at his or her own risk,” BoG said.

BoG is however cautioning the general public against the activities of the company, MMM Ghana, which it said is operating a Ponzi scheme through a virtual office.

According to the Central Bank, the company, which claims to have over 10,000 clients, moves from place to place and mobilises deposits from the general public.

“anyone who does business with MMM Ghana does so at his or her own risk,” BoG warned.

 

 

 

 

 

 

One comment

  1. I was waiting for this form of issue. Thank you very much for
    the location.

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