The Securities and Exchange Commission (SEC) has issued a strong warning to the public after identifying 33 television stations airing suspected fraudulent “money-doubling” investment schemes across the country.
In a public notice, the Commission said these schemes promise unusually high returns at little or no risk — a classic tactic used to deceive unsuspecting Ghanaians. It stressed that none of the operations being advertised have been approved or licensed to carry out investment activities in Ghana.
“The SEC hereby informs the public that it has not approved, authorised or licensed any of the schemes being advertised on these television channels,” the regulator said, urging viewers to be vigilant and avoid falling victim to such scams.
According to the Commission, operators of these schemes are in breach of Section 144(1) of the Securities Industry Act and Section 294(1)(b) of the Companies Act, which prohibit unlicensed public invitations and advertisements for securities-related products. Those involved could face criminal prosecution.
The warning comes amid growing concerns about the rise in financial fraud, especially following past investment scandals that affected thousands of Ghanaians.
The SEC says it is monitoring the situation closely to safeguard investor funds and maintain confidence in the capital market.
The public has been encouraged to verify the licensing status of any investment-related firm before committing funds. For assistance, individuals may call the SEC’s toll-free line 0800 100 065, its main line 0302 768 970–2, or email info@sec.gov.gh.
The Commission reaffirmed its commitment to protecting investors and ensuring a transparent and trustworthy securities market.
Source: Myjoyonline
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