The Securities and Exchange Commission (SEC) has warned the general public against transacting any capital market-related services with a firm called Tizaa Ghana Fund.
In a press statement, the SEC said Tizaa Ghana Fund has not been licenced to carry out any capital activity including investing or trading for returns as mandated by law.
"The general public is advised to be cautious with investing in unlicensed products. The general and investing public is advised to consult the SEC...to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market," the SEC said in a statement issued on January 14, 2022.
Seen by many as a Ponzi scheme walking in the footsteps of Menzgold, Tizaa Ghana Fund is claiming that it has recorded over 37,000 subscribers in one week, promising a whopping 50% return on investment in just 10 days.
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The group operates primarily on the social media platform, Telegram.
Reports indicate new members join every day the scheme with substantial investments.
Reports indicate Tizaa Ghana Fund accepts as low as GHS100 as starting investment and as high as GHS300,000.