May 31, 2013Jerome Kuseh, CA

Beware: Don’t Save With These Entities!

The Bank of Ghana has issued a caution to the general public to deal with the underlisted companies at their own risk. They are:

i) CB Net Marketing Concepts

CBNet Marketing Concepts is operating in Accra, Tema and its vicinities. The company’s activities are akin to a ‘Ponzi/Pyramid’ scheme. Under the guise of selling Top-up credit to the Public using the E-Zwich card, patrons of the company’s scheme are required to maintain a continuous chain of patrons by bringing on board two additional patrons upon registration. Failure to bring in new patrons, leads to participants not only losing their deposit, but forfeiting the expected pay-off. Patrons of the scheme are attracted by the inscription ‘Top up your credit and earn extra income.’ [Source: BoG]

ii) E Finance and More
E-Finance and More is operating in Akrade, Akuse and Atimpoku in the Eastern Region and engaging in the granting of loans, acceptance of deposits including “Susu” deposits and hire purchase. The company promises or offers very high interest rates (up to 100% per annum.) on monies accepted from customers for investment. The interest rate is not sustainable. [Source: BoG]

iii) Diamond Investment Limited
Diamond Investment Limited is operating in Sunyani and engaged in deposit taking from the Public offering an interest rate of 25.0% per month to investors (which amounts to an annual interest rate of 300% per annum).The company entices patrons with occasional promotions to reward its so-called hard working patrons who introduce four new members to join the scheme for the first week or two, with Laptops, Television Sets, I-pads and I-phones. [Source: BoG]

The BoG has already sent notices to these entities to cease operations. The general public are to be deal with the above listed entities at their own risk.

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