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Business News of Thursday, 11 May 2017

Source: Class FM

MMM Ghana running Ponzi scheme - BoG

The Bank of Ghana (BoG) has cautioned the general public against the activities of a company called MMM Ghana, which it says is operating a Ponzi scheme through a virtual office.

According to the central bank, the company claims to have over 10,000 clients, moves from place to place and mobilises deposits from the general public.

But the BoG in a statement said: "The institution’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system.

"The Bank of Ghana wishes to inform the general public that MMM Ghana is not licensed by the Bank of Ghana to engage in any form of deposit-taking activity, hence anyone who does business with MMM Ghana does so at his or her own risk."

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