The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have warned the public against a fraudulent crypto investment platform known as “Daily Wealth Guide.”
The regulators said operators of the platform are promising members of the public huge returns on their investments as part of efforts to lure them into the scheme.
According to the BoG and SEC, a doctored video is currently circulating on social media in which President John Dramani Mahama is falsely portrayed as endorsing the investment platform.
The two institutions, acting in accordance with Sections 8 and 52 of the Anti-Money Laundering Act, 2020 (Act 1044), said the invitation to the public to invest in the scheme amounts to deposit-taking under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Under Section 4(i) of Act 930, only a body corporate licensed by the Bank of Ghana is permitted to conduct deposit-taking business.
The BoG stressed that it has not licensed any individual or entity to engage in crypto investment, warning that persons involved in such activities are committing an offence.
It said offenders could be penalised and required to refund all funds received from members of the public.
They could also face an administrative penalty of between 500 and 100,000 penalty units under Section 53(3) of Act 1044.
The regulators further warned that individuals or entities engaged in such activities could be reported to law enforcement agencies for investigation and possible prosecution under Sections 1, 2, 3, 4 and 5 of Act 1044.
Public urged to verify investment platforms
The Bank of Ghana has urged the public to verify the licensing status of individuals and entities with the central bank or other relevant authorities before depositing funds with them.
It reminded the public to place deposits only with institutions licensed by the Bank of Ghana and other relevant regulatory authorities.
The central bank has also directed media houses, including radio, television and online platforms, not to advertise the services of the purported “foreign investors” behind the scheme.
Media organisations have been encouraged to verify the licensing status of such entities with the Bank of Ghana before advertising their products or services.
The BoG and SEC said they would not hesitate to seek the assistance of law enforcement agencies to arrest and prosecute persons found culpable.
Members of the public who come across such illegal activities are encouraged to report them to the Bank of Ghana through its Financial Stability Department.
The public has therefore been urged to exercise caution and avoid engaging with the “Daily Wealth Guide” investment scheme.
