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Beware of the alleged 3 Ponzi schemes in some parts of Ghana

Ghana Talks Business
Beware of the alleged 3 Ponzi schemes in some parts

Last Updated on July 22, 2021 by MyGh.Online

Three (3) private companies have been identified as allegedly operating what may be described as a Ponzi Scheme.

The three (3) companies namely Q-NET Company Limited based in Techiman in the Bono East Region, Q-NET Investments Limited, Wa in the Upper West Region as well as Q-NET Limited based in Kumasi in the Ashanti Region based on their modes of operations are said to be intertwined.

The Attorney General has therefore filed documents in court to close down these three private companies. According to the Attorney General, the National Intelligence Bureau (NIB) has identified the three aforementioned companies as part of a network of a multinational marketing company headquartered in Hong Kong and owned by the QI Group. Given the companies exploitative operations, the company Q-NET is banned in the United States, Canada, Australia, Rwanda, Iran, Sri Lanka, Syria, Afghanistan, and La Cote d’Ivoire.

“Owing to the illegal purposes to which its incorporation is exploiting, Q-NET or the QI network has been banned in the following countries: United States, Canada, Australia, Rwanda, Iran, Sri Lanka, Syria, Afghanistan, and La Cote d’Ivoire,” noted the Attorney-General.

Method of operations
The Attorney General further mentioned that in the past, the 3 companies have operated by “luring unsuspecting members of the public to pay sums of up to GH¢5,200.00 for the purpose of finding employment in gold refineries which turned out to be a hoax.” The company also falsely represented “to many youths, mainly from the Republics of Togo and Cote d’Ivoire, that they could find them jobs in consideration for GH¢3,125, which representation turned out to be false.”

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Persons involved
Directors of the 3 companies have been identified as follows

Bono East Q-NET:

  • Mbun Mbabugri Kazani
  • Braimah Suraju

Upper West Q-NET

IMG 20210422 WA0000
  • Martin Luther King Dagoro
  • Jerry Dagoro

Ashanti Region Q-NET

  • Kunde Ngambe
  • Jilima Magan
  • Godwin Lapah
  • Fuseini Issah
  • Jilima Magan
  • Fuseini Issah

Past Actions
The Attorney-General went on further to reveal that on September 10, 2019, an estimated 70 youth of Bechem attacked the offices of Q-NET. They run its workers out after the company defied the orders of the Tano South Municipal Assembly to stop operating. The actions sparked an investigation into the dealings of the company.

Current action
The AG is currently seeking a restraining order on the members, directors, and officers of Q-NET “from exercising such powers as are ordinarily conferred on them by the provisions of the Companies Act 2019 (Act 992) and constitution of the company, particularly relating to the purported business of ‘computer networking’, and any other such business that the company may purport to undertake in Ghana and the disposal of any assets of Q-NET.”

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