The Securities and Exchange Commission (SEC) has warned the public against an unlicensed investment scheme being promoted online by Mekanism Marketing Ltd, also referred to as “Mekanism.” The regulator emphasized that the entity is “not licensed, authorized, or approved” to operate in Ghana’s capital market, describing any investment activity linked to it as “unauthorized and illegal.”
According to the SEC, Mekanism has been using social media and other online platforms to solicit funds from the public, requesting deposits for investment purposes and promising “fixed daily returns” that vary with the amount invested. Participants are reportedly asked to undertake vague activities labeled “Job 1” to “Job 10” as a basis for earning daily, monthly, or annual income. The Commission said these returns are unrealistic and exhibit features of a “fraudulent scheme” intended to lure unsuspecting investors.
The regulator underscored the legal risks of participating in such schemes. Under Section 109 of the Securities Industry Act, 2016 (Act 929), a person must not operate as a market operator, broker, dealer, investment adviser, fund manager, or engage in other capital market activity without a valid licence.
Section 206 of the same Act imposes administrative and criminal sanctions on offenders, while Section 294(1)(b) of the Companies Act, 2019 (Act 992), prohibits public invitations to invest in company securities without meeting statutory requirements.
The SEC noted that it is “collaborating with relevant law enforcement agencies” to identify and take action against the individuals behind the suspected scheme. It urged the public to verify the licensing status of any individual or entity offering investment products or services before committing funds.
