How fake online investment schemes duped Ghanaians of GH¢3.4m in six months

The Cyber Security Authority (CSA) has revealed that Ghanaians lost GH¢3,429,447 to fraudulent online investment schemes in the first six months of 2026.

According to a public alert issued by the Authority on July 6, 2026, it recorded 352 cases of online investment fraud from January to June this year.

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“In the first six (6) months of 2026, the CSA recorded 352 of such cases, amounting to a total financial loss of GH¢3,429,447,” portions of CSA’s statement read.

Providing details on how the fraudsters operate, the CSA explained that they lure unsuspecting victims by promising attractive investment opportunities with unusually high returns.

It added that the scammers operate under different names and often advertise their schemes to potential victims.

“These scammers lure victims with promises of high returns on investments and primarily use social media for advertisements and mobile money for transactions,” it indicated.

The Authority further explained that the fraudsters often present themselves as subsidiaries of well-known foreign companies to gain the trust of potential victims.

One of the names used is Darazz, which they falsely claim to be affiliated with the legitimate e-commerce company based in Pakistan.

“In their bid to appear credible, threat actors falsely present their schemes as subsidiaries of established foreign companies, e.g. Darazz, a legitimate e-commerce company headquartered in Pakistan,” it revealed.

According to the CSA, the scammers run targeted advertisements on social media, encouraging people to invest money. In some instances, victims are told their money will be used to lease crypto-mining equipment or finance online business tasks.

“The scammers run targeted advertisements on social media platforms where eventual victims are encouraged to invest money. In some cases, victims are told their investments will fund crypto-mining equipment leases or online business tasks,” CSA added.

The fraudsters, after receiving the funds, fail to pay the promised returns or refund the victims' investments.

“Victims are promised substantial returns, but once funds are transferred, they neither receive any returns nor recover their initial investment,” CSA added.

The Authority further noted that the operators frequently change the names of their platforms to avoid detection by law enforcement agencies and regulators.

It identified some of the names currently being used as Darazz, Daily Trade, Ghstore, KUKA, and Edollar.

The CSA has urged the public to exercise caution when dealing with online investment platforms that promise unusually high returns.

It also advised Ghanaians to avoid joining WhatsApp groups or responding to unsolicited messages claiming to represent reputable organisations.

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The Authority further encouraged the public to verify the legitimacy of investment opportunities through official channels or recognised regulatory bodies before investing any money.

It also urged anyone who encounters suspicious investment schemes to report them to the CSA for investigation.

MAG/VPO