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“CHY Mall” is a “Ponzi scheme”, says EOCO

Economic and Organised Crime Office (EOCO)

The Economic and Organised Crime Office (EOCO) says CHY Century Heng Yue Group Ltd is a Ponzi/pyramid scheme and is operating illegally in Ghana.

EOCO has therefore cautioned the public against investing in the Chinese company CHY Century Heng Yue Group Ltd and its partner Sairui-Commerce Ghana Ltd.

“The company, which is registered as [offering] online trading and marketing services, also solicits and takes/receives funds through investment packages from its customers with a promise of guaranteed returns/margins of various percentages over a fixed short period of time,” EOCO said in a statement.

“The company operates a Ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronising CHY Mall. Therefore, anyone who transacts business with them does so at their own risk,” the statement said.

Read the full statement below:

Locked-up funds

Meanwhile, hundreds of people who have invested with CHY Heng Yeng Ltd are unable to access their principal or interest.

Checks by Asaase Business show that the company has not paid customers their interest since November last year.

The customers’ efforts to retrieve their principal have also proved futile.

One of the customers who spoke to Asaase Business said he invested more than GHC9,000 and was receiving GHC505 in interest every 11 days via mobile money.

He expressed the worry that he has not received interest since November 2021. Managers of the company have refused to pay him his principal, he said.

“I was introduced by a friend. It was good until 25 November, when I was supposed to receive my interest and it didn’t come.

“When I checked they told me it will come and that the delay was due to a system upgrade. It’s almost three months now and I have still not received it.”

GIPC investigating

Asked whether he is aware that the Securities and Exchange Commission (SEC) has warned people about the company’s investment activities, he took a swipe at the regulator.

“The SEC waited for people to invest before coming out. I don’t believe it’s a scam.

“The company has been doing this for a long time and they didn’t warn them. People all over the world are investing.”

The SEC last month cautioned the public not to invest with the Chinese company because it has not been licensed to undertake investment activities.

The Ghana Investment Promotion Centre (GIPC), which licensed the company, says it has begun investigating CHY Century Heng Yue’s dealings.

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