Rev Daniel Ogbarmey Tetteh, Director-General, Securities and Exchange Commission

If Securities and Exchange Commission thinks it has done its work of public education about dubious investments well enough, then it may have to revise its note as a new Ponzi Scheme, Tizaa Ghana Fund has recorded over 37,000 new subscribers in just a week of promising 50% returns.

Tizaa Ghana Fund says they have a guaranteed 50% return on investment or profit for its investors after only 10 days and reports indicate so far, like Menzgold, they have been paying diligently.

The group primarily operates on the social media platform Telegram and everyday reports say new members are joining.

They accept a minimum of Ghc100 to as high as GHC300,000.

This Ponzi scheme is modelled after Menzgold Ghana Limited which was a fraudulent gold dealership and investment firm that promised customers an average of 7-10 percent monthly returns on investments. It was subsequently shut down by the Government of Ghana. It was founded by Nana Appiah Mensah who is currently facing charges of defrauding by false pretence in court.

The prosecution had accused Nana Mensah, his wife, Ms Rose Tetteh, and his sister, Ms Benedicta Mensah, of using Menzgold as a tool to defraud more than 16,000 people of GH¢1.68 billion.

His wife and his sister are, however, at large.

The facts, as presented by ASP Asare, are that in October 2018, the police received a complaint from about 16,000 people that Menzgold had convinced them to…

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