The Securities and Exchange Commission (SEC) has issued a public notification regarding an unlicensed investment scheme being promoted online by Mekanism Marketing Ltd, also known as “Mekanism”.
According to a public notice issued by the Commission, Mekanism Marketing Ltd is not licensed, authorised, or approved to operate within Ghana’s capital market.
The Commission states that any investment activity promoted by this entity is considered an unauthorised and illegal capital market activity.
“The SEC states unequivocally that Mekanism Marketing Ltd is NOT licensed, authorised, or approved to operate in Ghana’s capital market. Accordingly, any investment activity promoted by this entity constitutes an unauthorised and illegal capital market activity. The investing public is therefore strongly advised to exercise extreme caution and desist from investing in any product or scheme promoted by this entity.”
The modus operandi of the entity SEC said is to use social media advertisements and online platforms to solicit funds from members of the public.
They then request deposits from participants for investment purposes and then promise fixed daily returns which vary depending on the amount invested.
Participants are asked to undertake what SEC described as vague and unspecified activities labelled “Job 1” to “Job 10” as a basis for earning daily, monthly, or annual income.
“The SEC considers these promised returns to be unrealistic, unsustainable, and bearing features of a fraudulent scheme designed to lure unsuspecting members of the public.”
It has therefore advised the public to exercise extreme caution and refrain from investing in any product or scheme promoted by this entity.
The statement said SEC is currently working with the security agencies to take action against those behind the licensed entity.
“The SEC is collaborating with relevant law enforcement agencies to identify and take appropriate action against the people behind this suspected scheme with fraudulent features.
The SEC urges the general public to verify the licensing status of any individual or entity offering investment products or services before committing funds.”
By: Rainbowradioonline.com/Ghana
