BoG, SEC warn public against ‘Daily Wealth Guide’ crypto investment scam

The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have issued a warning to the public regarding a fraudulent crypto investment platform known as "Daily Wealth Guide." The regulators have alleged that the platform's operators are deceiving individuals by promising them high returns on their investments. The BoG and SEC have discovered that a fabricated video is currently circulating on social media, falsely portraying President John Dramani Mahama as endorsing the scheme.

This promotional activity is in violation of the Anti-Money Laundering Act, 2020 (Act 1044), specifically Sections 8 and 52. According to the regulators, deposit-taking under this Act is only permitted for businesses licensed by the Bank of Ghana, meaning that the individuals or entities involved in the "Daily Wealth Guide" scheme are in direct contravention of the law.

The BoG has emphasized that it has not granted any license for crypto investment activities, and anyone engaging in such practices could face penalties, including the refund of funds received from the public and an administrative fine ranging from 500 to 100,000 penalty units. The regulators have also warned that those involved in these fraudulent activities could be reported to law enforcement agencies for potential prosecution under various provisions of Act 1044.

The BoG advises the public to verify the licensing status of any investment platform with the central bank or relevant authorities before making any deposits. Additionally, the central bank has directed media organizations not to advertise the services of the alleged "foreign investors" behind this scheme, urging them to confirm the licensing status of such entities with the Bank of Ghana.

Both the BoG and SEC have indicated their readiness to cooperate with law enforcement agencies to apprehend and prosecute those found guilty of these fraudulent practices. Anyone who stumbles upon such illegal activities is encouraged to report them to the Bank of Ghana via its Financial Stability Department. The regulators have emphasized the importance of caution and advised the public to refrain from engaging with the "Daily Wealth Guide" investment scheme.