The Economic And Organized Crime Office has indicated that its preliminary investigations proves that PayBoy Company sactioned by officials of MenzGold to pay their clients their capital does not have the requisite license to operate.
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There were reports that suggested that Nana Appiah Mensah has sanctioned for his clients to be paid by PayBoy Company.
But EOCO in a statement said it had arrested the officials of the organization for operating illegally without licences from the various regulatory bodies.
“Initial investigations have revealed that the company was operating without the requisite licenses from either the Bank of Ghana or the Securities and Exchange Commission.”
The statement cautioned the General public to be circumspect when dealing with companies if it involves financial commitments.
SEC ordered a shut-down of Menzgold’s operations after investigations revealed they were taking cash deposits illegally.
Since September 2018, clients’ monies have been locked-up.
Though the SEC says the total sum locked up is unknown, the state began prosecuting CEO of Menzgold, Nana Appiah Mensah for defrauding clients to the tune of GH¢1.68 billion.
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