Accra: The Securities and Exchange Commission (SEC) has warned the public against engaging with Mekanism Marketing Limited, an online investment entity operating without regulatory approval. In a public notice, the Commission stated that Mekanism Marketing Limited was neither licensed, authorised, nor approved to operate in Ghana’s capital market.
According to Ghana News Agency, the SEC emphasized that any investment activity promoted by the entity constituted an illegal and unauthorised capital market operation. The Commission advised the public to exercise extreme caution and refrain from committing funds to any of Mekanism Marketing Limited’s products or services.
The Commission’s investigations revealed that Mekanism Marketing Limited utilized social media advertisements and various online platforms to solicit funds from the public. The entity reportedly requested deposits from participants under the pretext of investment opportunities, promising fixed daily returns based on the amount invested.
Participants were allegedly required to undertake vague and unspecified online tasks, described as ‘Job 1’ to ‘Job 10,’ as a basis for earning daily, monthly, or annual income. The SEC described the promised returns as unrealistic and unsustainable, indicating that the scheme featured elements of a fraudulent operation designed to lure unsuspecting members of the public.
The SEC stated that such schemes posed significant financial risks and undermined the integrity of the capital market. The public was reminded that under Section 109 of the Securities Industry Act, 2016 (Act 929), no person might operate as a market operator, broker, dealer, investment adviser, or fund manager, or engage in any capital market activity without a valid licence issued by the Commission.
Furthermore, any person who contravened the Act committed an offence under Section 206 and was liable to administrative and criminal sanctions. The notice also referenced Section 294(1)(b) of the Companies Act, 2019 (Act 992), which made it unlawful for any entity to issue public invitations for investment in securities without meeting statutory requirements.
The Commission indicated that individuals or groups involved in such unauthorised capital market activities might face penalties under Ghanaian law. It also highlighted its collaboration with relevant law enforcement agencies to identify and take appropriate action against those behind the suspected scheme.
The SEC urged the public to verify the licensing status of any individual or organisation offering investment services before committing funds. It noted that the Commission could be contacted through its toll-free line, main office telephone numbers, official email address, or website for verification or further enquiries.
The notice reaffirmed the SEC’s commitment to protecting investors and safeguarding the stability and integrity of Ghana’s capital market.