Within its mandate to regulate investment activities in the country, the Securities and Exchange Commission (SEC) has issued a strong warning to 33 television stations across the country for promoting suspected fraudulent investment schemes.
These investment schemes, popularly known as “money-doublers,” the SEC describes as an alarming and dangerous trend putting innocent Ghanaians at risk.
In a statement released to the public on Monday, the SEC condemned the growing number of TV channels giving airtime to unlicensed groups posing as investment companies promising outrageous returns with little or no risk.
The SEC stressed that none of the schemes being advertised on these stations has been approved, authorized, or licensed, making their operations not only illegal but deliberately deceptive.
SEC says these schemes are cleverly packaged to lure the unsuspecting public into parting with their hard-earned money, often using fake bank names, forged online platforms, and false claims of links to reputable financial institutions.
The SEC issued an unambiguous caution to operators and their collaborators: advertising or inviting the public to invest in securities without approval is a criminal offence under Ghanaian law.
The warning is not just targeted at promoters of these schemes, but also at the TV stations themselves. The SEC expressed concern that these media houses, many of them community-based channels, are knowingly or carelessly giving space to criminals under the guise of “advertisement.”
The Commission says this recklessness is fuelling financial losses among citizens, especially the poor and elderly who rely on television as their main source of information.
The SEC urged the public to be vigilant, verifying the licensing status of any investment company or product before committing funds.
Investors can call the Commission’s toll-free line 0800 100 065 or email [email protected] for verification. The regulator warns that if these stations continue to broadcast such deceptive adverts, they could face sanctions, including prosecution, for helping propagate illegal financial schemes.
The full list of stations and fraudulent schemes is provided below.
Advice TV – ECO Cash
Adwempa TV – RBC Royal Bank
Akyedie TV – Nana Bodom (WorldRemit)
Asomafo TV – ECO Cash
Asomdwie TV – ECO Cash
Benedict TV – ECO Cash
Best TV – Airopay
Big TV – Airopay/Chase Bank
Breeze TV – Instant Money
Diamond TV – Airopay/Chase Bank
KTV TV – ECO Cash
Kumaplus TV – US Bank Online
Megyefo TV – Nana Bodom
MY TV – ECO Cash
Nkabom TV – Airopay/Chase Bank
Passion TV – IMONEY/Airopay
Run TV – Wave Money Transfer
Seekers TV – US Bank Online Loan
Simple TV – Airopay/Chase Bank
Starboy TV – ECO Cash
Eagle TV – WorldRemit
Elephant TV – Nana Bodom
Energy TV – Airopay/Wave Money
Funny TV – ECO Cash
Golden TV – Nogokpo
Goodness TV – ECO Cash
Hyebre TV – Airopay/Chase Bank
Today’s GH TV – Unnamed Product
TV Magic – WorldRemit
Unik TV – ECO Cash
VIP TV – WorldRemit
XTV – Arab Money/ECO Cash
Happy TV – Airopay/Chase Bank
