The Criminal Investigations Department (CID) and the Economic and Organised Crime Office (EOCO) are on a manhunt for the directors and operators of a cryto-currency syndicate who have allegedly swindled more than 3,000 people of their deposits.
Operating under an unlicensed company name, the Global Coin Community Help (GCCH), a deposit-taking institution, the directors and owners are said to have absconded with more than GH¢4 million of depositors’ funds.
The Daily Graphic has learnt the company began as a deposit-operating institution but later transformed into a cryto-currency trading entity which gave its customers 27 per cent earnings every month for a year.
Thereafter, the customers will lose their principal deposits and any further earnings.
The Executive Director of EOCO, Mr K.K. Amoah, confirmed to the Daily Graphic that the state investigative bodies were on a manhunt for the directors of the sophisticated phony company.
“Yes, we have received complaints from the Bank of Ghana (BoG) and some of the depositors who have lost their deposits in the Global Coin Community Help and so we are on the lookout for the directors,” he said.
The GCCH directors who are being hunted by the security agencies are Mr Kwaku Damete Kumi and Mr David Opatey, both currently on the run.
The Daily Graphic further learnt that the least depositor had GH¢5,000, while the highest depositor had more than GH¢200,000 in his or her account.
The modus operandi of the scam is to collect deposits from customers and pay them a monthly interest of 27 per cent for one year or 12 months, after which the principal and interests expire, with no further obligation to the company.
Migration to mintcrtx
Unable to pay the interest and the principal, the company migrated all depositors onto a trading platform called mintcrtx, where coins were offered to depositors based on the value of their investment and deposits.
Each coin was valued at GH¢20 and traded on the platform which was created and controlled by the owners and the directors of GCCH.
As of Thursday, November 8, 2018, a coin worth GH¢20 was trading at GH¢2 when the Daily Graphic checked.
The value of a coin has never traded above GH¢20 on the platform.