Don’t do business with Tizaa Gh Fund, 5SEC warns investors
37,000 have signed up to Tizaa Gh Fund’s Telegram page so far
SEC urged to collaborate with police to arrest fraudsters
Executive Director at the Institute of Compliance and Cyber Studies, Theophilus Kwadjo Odjer-Bio, has warned investors of the looming danger of investing in platforms that promise very high returns.
Speaking to GhanaWeb he said, “it’s simply a ponzi scheme”.
The Securities and Exchange Commission in an earlier release cautioned investors and the general public against doing business with one ‘Tizaa Ghana Fund’.
The statement read, “TIZAA GHANA FUND has not been licensed to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).
Tizaa Ghana Fund has recorded over 37,000 new subscribers in just a week of promising 50% returns.
Tizaa Ghana Fund says they have a guaranteed 50% return on investment or profit for its investors after only 10 days and reports indicate so far, like Menzgold, they have been paying diligently.
The group primarily operates on the social media platform Telegram and reports say new members keep joining everyday.
They accept a minimum of GH¢100 to as high as GH¢300,000.
The cyber security expert in an exclusive interview with GhanaWeb warned that such investments as they are not sustainable. He mentioned that Ghana’s policy rate does not offer up to 50% thus no genuine investment can yield as much in such a short period of time.
He also advised that “the general public should likewise verify from the Security and Exchange Commission’s database anytime they want to make any investment in this regard, to check whether they are registered with SEC to authenticate its validity”.
Odjer-Bio called on SEC to collaborate with the Ghana police to locate such people and pick them up for questioning where necessary.