The Bank of Ghana issuing a public notice on “money doubling”, “card loading” and “credit card loading systems” is a welcoming news. Finally some good news to save people from being scammed and a warning to “money doublers” and “card loaders”.
The Economic and Organised Crime Office (EOCO) has received a number of complaints from unsuspecting victims who have been duped by these charlatans. Even though, the Office has been monitoring and investigating some of the complaints, the BoG notice comes as a welcoming news.
Unfortunately, the activities of these quacks and charlatans who parade as spiritualist are on the rise on our television, social media handles, billboard publicity and radio. Their broadcasts usually operate on a similar format with a fetish priest or Mallam and an assistant offering the promise to double a sum while deposit numbers scroll on the screen. The social media handles also introduces an online business transaction that involves credit cards and a registered mobile money account. This is done by purchasing credit cards from dump sites online which is loaded and cashed out from an account into a registered mobile money account. A customer is required to pay for the credit card which ranges from GHc200 to GHc1,000 with the promise to receive an amount from GHc2,500 to GHc10,000.
It is unfortunate that many victims who report such cases to EOCO come to the realisation that they have been duped when it is too late. Recently, it was reported at our complaint desk that a University Student has been scammed to a tune of GHc5,000 through credit card loading system.
Now it is clear that these money doublers and card loaders are engaged in illegal activities and must be flushed out. The Economic and Organised Crime has been monitoring their activities for some time now and the said individuals and entities would be made to face the full rigours of the law because it is an offence.
Under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) Section 4 only a body corporate, licenced by the Bank of Ghana may carry out deposit-taking business. Therefore, such individuals and entities will be liable upon summary conviction, to the following punishment;
- Body corporate; a fine of between 2500 to 5000 penalty units.
- Director of a Body Corporate or other body of persons; a fine of between 1500 to 3000 penalty units or a term of imprisonment between two (2) to four (4) years.
- An Individual; a fine of between 1500 to 3000 penalty units or a term of imprisonment between two (2) to four (4) years per section 22 of Act 930.
The Bank of Ghana has duly warned the public against engaging the services of the “money doublers” and “credit card loading systems” who advertise their services on traditional and social media platforms.
Source: PAU Desk