By Jibril Abdul Mumuni
Accra, Feb. 18, GNA – The Securities and Exchange Commission (SEC) has warned the public against engaging with Mekanism Marketing Limited, an online investment entity operating without regulatory approval.
In a public notice, the Commission said Mekanism Marketing Limited was neither licensed, authorised nor approved to operate in Ghana’s capital market.
The SEC said any investment activity promoted by the entity constituted an illegal and unauthorised capital market operation and advised the public to exercise extreme caution and refrain from committing funds to any of its products or services.
The Commission’s investigations showed that Mekanism Marketing Limited used social media advertisements and various online platforms to solicit funds from the public.
It said the entity requested deposits from participants under the pretext of investment opportunities and promised fixed daily returns based on the amount invested.
Participants were reportedly required to undertake vague and unspecified online tasks described as “Job 1” to “Job 10” as a basis for earning daily, monthly or annual income.
The Commission described the promised returns as unrealistic and unsustainable and said the features of the scheme pointed to a fraudulent operation designed to lure unsuspecting members of the public.
It said such schemes posed serious financial risks and undermined the integrity of the capital market.
The SEC reminded the public that under Section 109 of the Securities Industry Act, 2016 (Act 929), no person might operate as a market operator, broker, dealer, investment adviser or fund manager, or engage in any capital market activity without a valid licence issued by the Commission.
It said any person who contravened the Act committed an offence under Section 206 and was liable to administrative and criminal sanctions.
The notice also cited Section 294(1)(b) of the Companies Act, 2019 (Act 992), which made it unlawful for any entity to issue public invitations for investment in securities without meeting the statutory requirements.
The Commission said individuals or groups involved in such unauthorised capital market activities might face penalties under Ghanaian law.
It said it was collaborating with relevant law enforcement agencies to identify and take appropriate action against those behind the suspected scheme.
The SEC urged the public to verify the licensing status of any individual or organisation offering investment services before committing funds.
It said the Commission could be contacted through its toll-free line, main office telephone numbers, official email address or website for verification or further enquiries.
The notice reaffirmed the SEC’s commitment to protecting investors and safeguarding the stability and integrity of Ghana’s capital market.
GNA
Edited by Kenneth Sackey