Royal Gardens Network, Hubtel Momo Lending are ponzi schemes – EOCO

Royal Gardens Network, Hubtel Momo Lending operate on WhatsApp, EOCO

Royal Gardens Network, Hubtel Momo Lending not registered by BoG, SEC

The Economic and Organised Crime Office (EOCO) has cautioned the public against doing business with Royal Gardens Network and Hubtel Mobile Money Lending.

According to EOCO, the aforementioned companies are not licensed by the Bank of Ghana or the Securities and Exchanges Commission.

They are also not registered with the Registrar General’s Department.

EOCO is a press statement sighted by GhanaWeb noted that these companies - Royal Gardens Network and Hubtel Mobile Money Lending - operate on WhatsApp and defraud unsuspecting victims who invest with them, hoping to get high returns on their initial deposits.

"The Economic and Organised Crime Office has for some time now been monitoring the activities of two online investment schemes called Royal Gardens Network and Hubtel Mobile Money Lending. Checks have established that Royal Garden Network and Hubtel Mobile Money Lending have not been registered to operate as online investment companies and that they only exist in the virtual space ostensibly to defraud unsuspecting victims," portions of the statement read.

"The companies are neither registered by the Bank of Ghana nor the Securities and Exchange Commission (SEC). They are also not registered with the Registrar General’s Department. Their modus operandi has been found to be that they entice victims to invest in the companies while promising them high returns. They do so per the use of mobile money and WhatsApp platform channels. Once they have defrauded their victims, they immediately close and delete the Whatsapp group. A different group is subsequently created with new members and the cycle is repeated," it added.

Read EOCO's press release below;