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 GH¢100 to as high as GH¢300,000.
The Securities and Exchange Commission (SEC) has cautioned investors and the general public against doing business with one ‘Tizaa Ghana Fund’. A statement issued by the Commission said the Fund has not been licensed to perform any activities in the capital market.
It further cautioned that ‘Tizaa Ghana Fund’ is also not under the regulation of the Securities and Exchange Commission and urged the public to be circumspect and desist from making investments with the firm.
“TIZAA GHANA FUND has not been licensed to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929),” the Commission warned.
Prior to SEC’s caution, ‘Tizaa Ghana Fund’ is said to be offering a guaranteed 50 percent return on investments to clients within 10 ten days.
The Fund, according to reports is said have so far registered 37,000 clients in 3 weeks while operating via the popular messaging platform, Telegram.
Meanwhile, ‘Tizaa Ghana Fund’ is said to be accepting a minimum of GH¢100 to as high as GH¢300,000. 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.