Thursday , November 26 2020 9:51 am

PBAY officials arrested for alleged scam of customers

Officials of National Security in Ho have arrested leaders of a group allegedly attempting to scam customers of defunct banks in Ho and registering unsuspecting clients.

Officers of PBAY limited had set up camp at the premises of the Assemblies of God Church in Ho and attracted thousands of desperate customers, whose funds had been locked up.

A bowl was being passed around the Church room asking customers to contribute anything they could for electricity.

A form they were being asked to fill, said two percent of the retrieved funds would be deducted.

Two leaders of the group have been arrested with one identified as Charles Nyame.

The two have been taken to the Municipal Police headquarters for interrogation.

Assistant Superintendent of Police, Mr Alex Yeboah, in- charge of Ho Municipality confirmed the arrest and disclosed statements are being taken from the suspects.

Don’t deal with PBAY – SEC cautions Ghanaians

The Securities Exchange Commission (SEC) had earlier advised customers of the defunct fund management companies to refrain from paying facilitation fees to get access to their locked-up cash.

An entity, PBAY Limited is purporting to be able to facilitate the payment of customers locked-up funds with some SEC-regulated market operators whose licenses have been revoked in return for a fee or a commission.

SEC in a statement disclosed that the action of PBAY Limited is fraudulent as it had not been registered by the Registrar-General’s Department.

“Our investigations have revealed that there is no company duly registered by the Registrar-General’s Department under that name. Furthermore, the general public and investors are to note that neither the SEC nor the Official Liquidator, being the Registrar General, have authorized the actions of PBAY Limited.”

SEC advised investors to submit their claims and documentation to publicly announced designated persons in accordance with statutory notices issued by the official liquidator or the SEC.

“Anyone who disregards this warning does so at his or her own risk,” the statement added.


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