Business News of Thu, 21 Jun 20185
MTN freezes account of ponzi scheme over GH¢11m default
The Financial Intelligence Centre (FIC) is expected to direct MTN on how it could disburse about eleven million cedis (GH¢11,000,000) to customers whose monies have been locked up in the company’s mobile money services.
About thirty thousand (30,000) customers have had their monies locked up after being lured into a ponzi scheme operated by Savanna Brokerage Investment.
MTN has since frozen the account of the ponzi company in a bid to safeguard the interest of customers.
According to the General Manager of Mobile Financial Services at MTN Ghana, Eli Hini, more people need education on the issue to avoid being swindled by internet fraudsters.
“From the initial investigations, it appears to be something which has been running for a couple of months. Indeed people had put in money and were very confident about what they were promising. The surprising thing for us when we spoke to some of those who were involved was the fact that they had actually not had any interaction with an official rather all they did was the promises they picked up on the website. Much more needs to be done,” he said.
Mr. Eli Hini however explained to Citi Business News the outfit is doing its best to safeguard its customers from such schemes.
“We continue to assure our customers that service is safe. Once they operate it based on the terms and conditions that has been put out and we will continue to ensure that we carry out those processes to safeguard customers’ funds,” he added.
Meanwhile in a statement issued by MTN, it assured that it will unfreeze the various accounts when investigation is over.
“MTN awaits further direction and clarification on the frozen funds and assures its valued customers that once we receive a clear directive after the investigation we shall comply” it said.
Read the full statement by MTN below.
MEDIA STATEMENT ON SAVANNA BROKERAGE INVESTMENT
MTN has received complaints from some of its Mobile Money customers who allegedly contributed to a ponzi scheme operated by Savanna Brokerage Investment and are demanding for reversal of their respective amounts invested.
MTN uncovered the suspected Ponzi scheme and took steps to safeguard the interest of its customers by freezing the wallets and reporting the case to the police and the regulatorfor investigation.
The regulator through the Financial Intelligence Centre is currently investigating the suspected fraudulent or investment scam in relation to Savanna Brokerage Investment.
MTN is working closely with the regulator to ensure the right procedure is followed and all relevant obligations are fulfilled before disbursement of any funds.
MTN awaits further direction and clarification on the frozen funds and assures its valued customers that once we receive a clear directive after the investigationwe shall comply.
Journalists or any other interested personsseeking further information on the subject are advised to contact MTN or the Regulator.