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Business News of Wednesday, 22 April 2020


Payboy, another Ponzi scheme, stay away – Coalition of Aggrieved Menzgold customers

The Coalition of Aggrieved Customers of Menzgold advised its members The Coalition of Aggrieved Customers of Menzgold advised its members

The Coalition of Aggrieved Customers of Menzgold (CACM) has described Payboy Company Limited, an alleged offshoot of the defunct gold trading company, Menzgold Ghana Limited as a Ponzi scheme and cautioned its members against doing business with them.

This follows calls on customers by Payboy Company to pay an amount of money in order to retrieve their locked up funds from the defunct gold-trading company.

In a statement issued by the Coalition and signed by the leadership of the CACM on Wednesday, 22 April 2020, the coalition advised its members “to stay away from Payboy Company Limited.”

According to the Coalition, information reaching them indicates that: “about 319 customers have fallen prey to the latest scandal by Payboy which extorts 9 percent to 20 percent of their locked up investment with the pretext that they can work magic to enable them get their locked up investment paid. Our investigation shows that the activities of Payboy, an offshoot of Menzgold CEO is nothing but a Ponzi scheme calculated to outwit unsuspecting customers of Menzgold. Many of the customers of menzgold have received invites, adverts and messages asking them to partake in this scheme which we find quiet nauseating.”

The statement continued that the promoters of “this latest scam promise 5 percent payment of ones locked up funds bi-monthly for the next 18 months. After more than three hours interrogation between leadership of CACM and one Eric Mensah who claims to be an agent of Payboy, the latter revealed that Nam1 endorses payboy’s activity and that people who pay the 9 percent are finally paid by Menzgold whose owner is Mr Nana Appiah Mensah. Customers will recall that in November and December 2018, MenzGold through the CEO asked them to pay 5% migration fee which never saw the light of day and all those monies are locked up.”

The Coalition further continued that it would like to “know whether the Bank of Ghana or Securities and Exchange Commission has licensed Payboy to take money from the public?”

It added that leadership of the CACM finds “this latest arrangement quite repugnant since Menzgold claims it cannot pay customers. However, the latest arrangements where Payboy takes 9 percent to 20 percent from customers automatically empowers Menzgold to be able to start paying 5 percent of customers money. This is in our view ponzy in its newest form and customers who patronise such scheme will lose.”