A Step-by-Step Guide to Reporting Fraudulent Investments in Ghana

From preserving evidence to filing complaints — your comprehensive roadmap to seeking justice

Executive Introduction

Every year, thousands of Ghanaians fall victim to fraudulent investment schemes promising unrealistic returns. In 2024 alone, the Cyber Security Authority (CSA) recorded 149 online investment fraud cases with losses totalling GH₵1,986,057 — a nearly three-fold increase from 2023 . The Bank of Ghana received 194 complaints related to investment products and services in 2023, with the primary issue being the inability of customers to withdraw their matured investments .

Fraudsters have become increasingly sophisticated. They clone legitimate investment websites, use fake testimonials, and allow victims to withdraw small amounts initially to build trust before disappearing with larger sums . The perpetrators are often cross-border syndicates—in December 2025, the CSA arrested 48 suspected cybercrime operatives in Dawhenya, including 46 males and two females believed to be Nigerian nationals, involved in romance scams, online investment fraud, impersonation schemes, and illicit online gold trading .

If you have been scammed, you have legal recourse. This guide provides a step-by-step framework for reporting fraudulent investments, documenting evidence, and pursuing both criminal and civil remedies under Ghanaian law.

Part 1: Before You Report — Essential First Steps

Step 1: Preserve All Evidence

Before contacting any agency, gather and organise all evidence related to the scam. The quality of your documentation directly affects the agency’s ability to investigate.

The CSA has noted that scammers often use fake testimonials to convince victims of the legitimacy of their schemes, and once victims sign up and make initial investments, they are shown fake returns and allowed to withdraw a fraction of the invested amount to build trust . Victims with significant investments eventually lose access to their accounts and cannot contact the fraudsters .

Critical warning: Do not delete anything. Even if you are embarrassed or angry, preserve all records. Scammers often delete their online presence quickly — your saved evidence may be the only record.

Step 2: Cease All Further Payments

Immediately stop all payments to the scheme. Do not pay additional “fees,” “taxes,” or “processing charges” to access your funds — this is a common secondary scam. Fraudsters often request victims to pay fees in the form of taxes when they try to withdraw significant amounts of their investment .

Part 2: Reporting to the Primary Regulators

Option 1: The Securities and Exchange Commission (SEC)

The SEC is the primary regulator for capital market activities. Any entity soliciting investments without a licence is operating illegally . The SEC’s mandate covers investment schemes, collective investment schemes, and capital market fraud.

What the SEC does: The SEC issues public warnings, imposes administrative penalties, refers cases to law enforcement, and collaborates with other agencies [citation:2 of SEC document].

How to report to SEC:

• Toll-Free Line: 0800 100065

• Main Line: 0302 768970–2

• Email: [email protected]

• Website: sec.gov.gh

When to use this option: If the scheme promised investment returns, offered “VIP packages,” or solicited funds for “trading” or “investment purposes” without a licence.

Option 2: The Bank of Ghana (BoG)

The Bank of Ghana regulates banks, specialised deposit-taking institutions (SDIs), and payment systems. The Investigation and Consumer Reporting Office (ICRO) serves as the financial industry watchdog, responsible for protecting consumers of financial products and services .

ICRO operates under three units :

How to report to BoG :

When to use this option: If the scheme claimed to be a bank, microfinance institution, or deposit-taking entity, or if your payments were processed through regulated financial institutions.

Option 3: The Cyber Security Authority (CSA)

The CSA handles cyber-related fraud, including online investment scams, phishing, and impersonation schemes. The CSA has a 24-hour Cybersecurity/Cybercrime Incident Reporting Point of Contact for reporting cybercrimes and seeking guidance .

How to report to CSA :

Modus operandi documented by CSA :

1. Fraudsters clone legitimate investment websites, promising high returns within a short period

2. Victims are lured through social media advertisements, emails, and text messages

3. Scammers use fake testimonials to convince victims of legitimacy

4. Victims are allowed to withdraw a fraction of invested amount to build trust

5. Victims are requested to make more investments or pay fees when trying to withdraw significant amounts

6. Victims with significant investments eventually lose access to their accounts

When to use this option: If the scam originated online — via social media, WhatsApp, a website, or mobile app. The CSA has demonstrated effectiveness, leading operations that resulted in the arrest of 48 suspected cybercrime operatives in Dawhenya .

Part 3: Reporting for Criminal Investigation

Option 4: Economic and Organised Crime Office (EOCO)

EOCO is a specialised agency mandated to monitor and investigate economic and organised crime, and on the authority of the Attorney-General, prosecute these offences and recover the proceeds of crime .

What EOCO investigates: Complex fraud, money laundering, cryptocurrency fraud, and organised financial crime. EOCO has demonstrated success in complex cases, including the recovery of $15,191,730.13 from an international crypto fraud network [citation:2 of EOCO document].

How to report to EOCO :

• Location: Barnes Road, Adjacent Old Parliament House, High Street, Accra

• Working Hours: Monday–Friday, 8:30 AM – 4:00 PM

• Phone: +233 57 970 9066

When to use this option: If the fraud involves cryptocurrency, cross-border elements, or sophisticated organised crime networks. EOCO has specialised capabilities for tracing crypto wallets through blockchain analytics tools.

Option 5: Police CID — Commercial Crime Unit (CCU)

The Police CID’s Commercial Crime Unit (CCU) investigates criminal fraud cases, including fraudulent transactions, defrauding by false pretense, and operating unlicensed financial institutions .

How to report to CCU :

• Location: CID Headquarters, Accra (5th floor)

• Contact Officer: Director of CCU, Superintendent Felix Mawusi

• Phone: 020 8119726

Case example: The CCU pursued directors of Onward Investment Ghana Limited for operating a microfinance organisation without a licence from the Bank of Ghana . The company, which had four branches across the country in Accra, Kumasi, Techiman, and Sunyani, was taking deposits from clients and paying interest even though it was not licensed .

When to use this option: If you have identified the perpetrators or their physical location, or if you prefer criminal prosecution as the primary route.

Part 4: The Complaint Process — What to Expect

Standard Investigation Workflow

While each agency has specific procedures, most follow a similar pattern :

1. Intake and assessment: The agency reviews your complaint to determine if it falls within its mandate

2. Evidence gathering: Investigators collect transaction records, communication logs, and other documentation

3. Tracing: For online scams, CSA and EOCO trace phone numbers, IP addresses, and wallet addresses

4. Collaboration: Agencies may coordinate with telecoms, banks, or international partners

5. Freezing assets: If assets are identified, the agency may seek court orders to freeze them

6. Arrest and prosecution: For identified perpetrators within Ghana

7. Asset recovery (rare): In some cases, funds may be recovered and returned to victims

BoG Complaint Data (2023)

The Bank of Ghana’s 2023 Complaints Management Report provides insight into the types of complaints the central bank handles :

The Bank of Ghana report noted that the main concern for investment-related complaints was the inability to withdraw matured investments due to purported liquidity challenges faced by the institutions .

Recurring Complaint Themes

The Bank of Ghana identified several recurring themes in complaints received in 2023 :

Part 5: Civil Remedies and Legal Action

Filing a Civil Lawsuit

Criminal complaints alone may not result in recovery of your money. Victims can pursue civil lawsuits against fraudsters or complicit intermediaries in Ghanaian courts .

Available civil remedies include :

• Damages — Compensation for financial losses

• Restitution — Return of money obtained through fraud

• Injunctions against assets — Court orders preventing fraudsters from disposing of property

Asset Tracing and Freezing Orders

Courts can be petitioned to freeze bank accounts, real estate, or vehicles linked to the fraud. The 5th floor of the CID Headquarters in Accra is where victims can report to the Director of the Commercial Crime Unit . Asset tracing may be required where funds have been moved across multiple accounts or offshore.

Note on legal representation: A qualified solicitor can represent you in court proceedings. Many victims pursue civil claims in parallel with criminal complaints.

Part 6: The Importance of Swift Action

Why Timing Matters

The window for successful investigation and recovery is often narrow. Scammers move funds quickly, delete online accounts, and may leave the jurisdiction.

The CSA has observed that victims with significant investments eventually lose access to their accounts and cannot contact the fraudsters . Acting promptly preserves:

• Digital evidence that scammers may delete

• Assets that can be frozen before they are dissipated

• Witness memories of events and communications

Real-World Enforcement Success

In December 2025, the CSA, in collaboration with National Security and the Ghana Police Service, arrested 48 suspected cybercrime operatives in an intelligence-led operation at Dawhenya in the Greater Accra Region . The operation took place between 1:40 a.m. and 5:00 a.m. across four locations within the Dawhenya enclave .

Items recovered included :

• 54 laptop computers

• 39 mobile phones

• 1 Starlink internet device

• 8 MTN TurboNet routers

The suspects were allegedly involved in romance scams, online investment fraud, impersonation schemes, and illicit online gold trading . One suspected ringleader, identified as Autin Osas (popularly known as Austin), remained at large, with investigations continuing .

This operation demonstrates that reporting works — agencies are actively investigating and dismantling cybercrime networks.

Part 7: Agency Comparison — Which Path to Choose

Conclusion: Your Report Matters

Reporting a fraudulent investment serves multiple purposes:

1. Potential recovery for you — While not guaranteed, reporting is the first step toward any possibility of restitution

2. Prevention for others — Your report helps agencies identify patterns and issue public warnings

3. Enforcement action — Agencies use aggregated complaints to justify investigations and arrests

The 48 arrests in Dawhenya, the SEC’s public warnings, and the CSA’s incident reporting system all exist because victims reported . These successes would not have been possible without individuals who came forward with evidence.

Your immediate action plan:

1. Gather all evidence — Payment receipts, screenshots, communication logs

2. Call the CSA at 292 for online scams

3. Contact the SEC at 0800 100065 to verify licensing status

4. File a formal complaint with the appropriate agency

5. Consider legal representation for civil recovery

The cost of a phone call is zero. The cost of not reporting — for you and for the next potential victim — can be everything.

Quick Reference: Reporting Contacts

Last Updated on June 11, 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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