The Ghana Investment Scam Database: Companies, Warnings and Updates

An Accra Street Journal Intelligence Brief

Executive Summary

Ghana’s financial landscape is under sustained assault from fraudulent investment schemes. The Securities and Exchange Commission (SEC), Bank of Ghana (BoG), and Economic and Organised Crime Office (EOCO) have issued a cascade of public warnings throughout 2025 and 2026, targeting a range of entities—from AI-generated social media frauds to sophisticated international cryptocurrency rings.

The scale of these operations is vast. In 2025 alone, EOCO recovered over $15 million (GH¢337.4 million) from a single cryptocurrency Ponzi network that defrauded Ghanaians and British citizens . The same year, Ghana recorded 149 online investment fraud cases, with losses totalling GH¢1.99 million reported to the Cyber Security Authority. This ASJ database documents the known actors, their methods, regulatory warnings, and where possible, recovery status.

Part 1: SEC-Registered Warnings (Active Scams)

The following entities have been publicly identified by the SEC as operating without a licence. Investors are advised to avoid all engagement with these entities.

1. Mekanism Marketing Ltd (also “Mekanism”) – SEC Warning: February 2026

Status: Unlicensed, Fraudulent
Source: SEC Public Notice, 16 February 2026 

Modus Operandi:

• Recruits via social media advertisements and online platforms

• Requests deposits for “investment purposes”

• Promises fixed daily returns based on amount invested

• Requires participants to complete vague and unspecified activities labelled “Job 1” to “Job 10”

• The SEC considers promised returns “unrealistic, unsustainable, and bear features of a fraudulent scheme” 

Legal Status: Under Section 109 of Act 929, operating without a licence is a criminal offence. The SEC is collaborating with law enforcement to identify and take action against the promoters.

2. News GH – “Gold AI Rise Platform” – SEC Warning: July 2025

Status: Unlicensed, Fraudulent
Source: SEC Public Notice, 1 July 2025 

Details:

• Facebook entity advertising an unlicensed investment product called “Gold AI Rise Platform”

• Uses fabricated video content to lure victims

• SEC has not licensed this entity to carry out capital market activities

3. Ghana News – Unnamed Investment Product – SEC Warning: July 2025

Status: Unlicensed, Fraudulent
Source: SEC Public Notice, 1 July 2025 

Details:

• Promises “unrealistic returns at no risk

• SEC has not licensed this entity

• SEC is collaborating with law enforcement to “clamp down on the people behind these entities” 

4. GOIL Shares Scam (Multiple Websites) – October 2025

Status: Active Fraud
Source: GhanaFact Investigation / GOIL PLC disclaimer 

Modus Operandi:

• Fraudulent advertisements on YouTube claim GOIL is selling shares at GH¢3,000

• Promises GH¢15,000 monthly return with false “Government guarantee”

• Uses cloned news websites (fake myjoyonline.com pages) and doctored videos of President Mahama

• Three websites identified: Implexionsskva.com, psychichypnosis.com, conglutinativeruo.com

• All three use AI-generated profile images, fake physical addresses, and fake founding dates 

GOIL PLC Statement: “GOIL has NOT launched any investment scheme. These advertisements and websites are FAKE and not authorized by GOIL” .

Detection Methods:

• AI-generated images (99.9% confidence of AI/deepfake content per Hive Moderation)

• WHOIS registration dates contradict claimed founding years

• Phone numbers shared across multiple scam websites

Part 2: EOCO & International Crypto Fraud Cases

The most sophisticated fraud operations involve cryptocurrency, cross-border networks, and advanced digital forensics.

1. EOCO $15.19 Million Crypto Ponzi Recovery – December 2025

Status: Assets Recovered, Suspects at Large
Source: Attorney-General Press Briefing, 18 December 2025 

The Scheme:

• Operated from 2019 by a criminal network of Chinese and Malaysian nationals

• Targeted Ghanaian and British citizens using e-commerce websites and online investment platforms

• A Ghana-registered company fronted the criminal enterprise

• Investment packages ranged from GH¢770 to GH¢9,240, categorised as VIP 1–5

• Victims could purchase packages via mobile money, cash, or cryptocurrency

• Operated as a classic Ponzi: encouraged victims to recruit others through referral systems 

The Technology:

• Payments traced using Chainalysis Reactor, a blockchain analytics tool

• Crypto wallets held on OKX exchange (Seychelles)

• OKX internal investigations identified fraud patterns: over 1,000 transactions from same IP address and location 

The Legal Action:

• EOCO obtained a High Court order freezing the wallets (May 27)

• UK National Crime Agency assisted

• UK-based Zodiac Custody facilitated transfer of virtual assets

• Court order directed OKX to transfer assets to Zodiac

• Zodiac realised assets into fiat currency

• 19 November 2025: $15,191,730.13 paid into EOCO’s Exhibit Account 

Recovery Status:

• Funds secured for victim restitution (screening process pending)

• Foreign masterminds fled Ghana; cooperation from Malaysian authorities “unsuccessful”

• UK NCA and crypto traceability partners remain engaged 

Significance: This case proved that Ghanaian institutions can trace, freeze, and recover crypto assets from offshore exchanges—a landmark for digital crime enforcement.

Part 3: Bank of Ghana Warnings

1. “Illegal Foreign Investors” Scam – May 2025

Status: Active Warning
Source: BoG Notice No. BG/GOV/SEC/2025/11, 9 May 2025 

Details:

• Scammers impersonating “foreign investors”

• Promise high sums of money in return for deposits

• These operations constitute illegal deposit-taking under Act 930

• Only entities licensed by Bank of Ghana may take deposits

• Offenders face 500–100,000 administrative penalty units under Act 1044

Public Advisory:

• Verify licensing status with BoG before depositing funds

• Place deposits only with licensed accountable institutions

• BoG notified all media outlets not to permit advertising of illegal investment schemes 

Part 4: Other Major Cases Under Investigation

1. Ken Ofori-Atta Extradition Request – December 2025

Status: Pending Judicial Determination (US Courts)
Source: Attorney-General Press Briefing, 18 December 2025 

Details:

• Extradition request completed to US authorities for former Finance Minister Ken Ofori-Atta and his former Chief of Staff, Ernest Darko Akori

• 78 charges filed by the Office of the Special Prosecutor, including causing financial loss to the state and using public office for personal benefit

• Attorney-General confirmed Ghana has “fulfilled all legal requirements”

• Awaiting judicial determination from American authorities 

2. National Signals Bureau and National Food Buffer Stock Company Cases

Status: Before the Courts
Source: Attorney-General Press Briefing, 18 December 2025 

Details:

• EOCO has completed investigations into both cases

• Trials currently underway or pending review and charging by Attorney-General’s office

3. 149 Online Investment Fraud Cases (2024)

Status: Reported, Under Investigation
Source: Cyber Security Authority Data 

Scale:

• 149 cases reported

• Losses totalling GH¢1.99 million (approx. $130,000)

• Nearly a three-fold increase from 2023

Part 5: How to Verify Licensing Status

The SEC, Bank of Ghana, and law enforcement agencies have established clear verification channels:

SEC Contact:

• Toll-Free Line: 0800 100065

• Main Line: 0302 768970–2

• Email: [email protected]

• Website: sec.gov.gh 

Bank of Ghana Contact:

• Financial Stability Department: 030 266 5005; 059 691 2354; 050 150 2270

• Email: [email protected] 

EOCO:

• For reporting complex fraud, including cryptocurrency schemes

Part 6: Common Red Flags (SEC-Identified)

The SEC has published a clear list of warning signs that characterise fraudulent investment schemes :

Part 7: What to Do If You Have Been Scammed

Step 1: Gather all evidence (transaction receipts, screenshots, communication records)

Step 2: Report to the SEC via toll-free line 0800 100065

Step 3: Report to Police CID (Commercial Crime Unit) for criminal investigation

Step 4: For cryptocurrency-related fraud, report to EOCO

Step 5: Consult a lawyer for potential civil recovery options

ASJ Conclusion

The Ghana Investment Scam Database demonstrates that fraudulent schemes are not isolated incidents but a persistent feature of the financial landscape. The SEC, BoG, and EOCO have issued public warnings, pursued investigations, and achieved significant recoveries—including the landmark $15 million crypto seizure.

However, prevention remains the most effective protection. The SEC’s toll-free line (0800 100065) and website (sec.gov.gh) provide free, immediate verification. The cost of a 30-second phone call is zero. The cost of not verifying can be everything.

This database will be updated as new public notices and recoveries emerge.

Date of Last Update: June 2026
Next Scheduled Update: Quarterly (or upon major SEC/BoG announcements)

Source: Accra Street Journal 

Last Updated on June 10, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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