Some officials of Payboy Company Limited, a payment company that was recently appointed by Menzgold to negotiate a settlement with its unpaid customers have been arrested by the Economic and Organised Crime Office (EOCO).
According to EOCO, Payboy is an entity that purports to be into the marketing and promotion of financial technologies.
But EOCO says its initial investigations have revealed that the company was operating without the requisite licenses from either the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC).
ECOCO in a press statement signed and issued by its Head of Public Affairs, Jacqueline Avotri on Friday, May 29, 2020 advised the public to circumspect when dealing with companies or individuals if it involves financial commitments.
The statement said EOCO arrested the officials of Payboy on Wednesday, May 27, 2020 and that investigations are ongoing.
It would be recalled that Menzgold, the troubles gold dealership company recently announced the appointment of Payboy as a third-party entity to negotiate the settlement with its customers.
Many customers of Menzgold have had their investments locked up in the company for many months now.
Menzgold in a statement announcing the appointment of Payboy said the company was to negotiate and facilitate the payment of the investment of its customers whose investments are still locked up.
The Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC) together with the security agencies helped to halt the gold dealership activities of Menzgold some two years ago over regulatory issues.
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