Chy Mall; Anoher Ponzy Scheme Or A Genuine Scheme?

Chy mall Chy mall

Almost four years after Menzgold was shut down, another scheme has taken shape in the country in the name of Chy Mall Company Ltd.

Some of these schemes when they creep into the system, they are allowed to operate for months, sometimes years, before authorities take steps to warn the public against doing business with them.

Chy Mall started operations in Ghana in 2019, at the blindside of authorities or they decided to turn a blind eye for two years.

Like many of those schemes it has lasted for almost two years, and people sign onto the scheme every day.

The underlying problem that contributes to the flourishing of these schemes is our attitude of get rich quick. Most of the youth of today, do not want to go through the tedious process of getting a decent job and making a decent living.

The lessons of Menzgold, God is Love, DKM, etc, should have serve as a warning to Ghanaians to shun patronizing investments that have not been approved by the Securities and Exchange Commission (SEC).

The Economic and Organised Crime Office (EOCO), in a statement on February 2, advised the public to desist from doing business with CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited, saying the company was operating a Ponzi scheme through CHY Mall.

After the statement, some customers have started talking and are defending the activities of the scheme.

Mr Rainer Anaane, a customer who spoke to the Ghana News Agency in Accra, said the scheme was "genuine" and that, "EOCO do not understand the concept that goes into the business because I buy products and sell them online and make commission from it."

"I do not feel anything because it is a genuine business…," he said, expressing shock at EOCO's statement.

He said he joined the business in November 2019 and had enjoyed the returns from his investment, stressing he never regretted engaging in the "good business."

This is a vicious cycle that authorities, usually go through with customers of such schemes, who only see the silver lining, but not the danger signs that always stare at them.

As a newspaper we call on all the relevant authorities, to as a matter of urgency, be proactive in taking action against such schemes before things get out of hand and the same customers, will turn round and ask government to payback their investments. The tax payer cannot be called upon always to bail people, who refuse to take advice and caution, when it is given.