EOCO arrests officials of Payboy; the firm Menzgold appointed to facilitate payments

The Economic and Organised Crime Office (EOCO) says it has arrested officials of digital payment marketing and promotions firm, Payboy.

A statement from EOCO on Friday said Payboy Company Limited does not have the license from either the Bank of Ghana or the Securities and Exchange Commission to perform the services it purports to offer.

READ MORE: 4 narrowly escaped [email protected] as floodwaters carried their vehicle into storm drain

“The General Public is advised to be circumspect when dealing with companies or individuals if it involves financial commitments” EOCO cautioned.

Eoco arrest payboy firm ghnewsbag

“Investigations are ongoing,” it added.

The arrest goes to further fuel the infamous Menzgold saga. The gold dealership firm said on May 19 that it had appointed Payboy to facilitate payments with their clients.

Menzgold’s over 10,000 customers invested in gold collectibles with a subsidiary of the firm in a scheme that promised up to 10% monthly returns.

READ MORE: Top Ghanaian gospel artiste to soon graduate as Medical Doctor

The SEC ordered a shut-down of their 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.

READ MORE: Re-open schools for only final-year students – Teacher unions to government