SEC Collaborates with Cyber Security Authority Over Reported CWPC Investment Scam

The Securities and Exchange Commission (SEC) has announced that it is working with the Cyber Security Authority (CSA) following reports that thousands of Ghanaians may have lost millions of cedis in an alleged investment scam involving Creative Walker Promotion Company (CWPC). The reported collapse of the online platform has left many investors unable to access their funds, raising renewed concerns about the growth of unlicensed investment schemes in Ghana.

According to the SEC, discussions with the CSA are aimed at developing a coordinated response to fraudulent investment platforms that continue to target unsuspecting members of the public. The Commission noted that it had recently received complaints not only about CWPC but also about other suspected schemes, including YepBit and BonChat.

The SEC also warned that many fraudulent investment schemes are becoming increasingly sophisticated, often using social media, referrals from trusted individuals, and endorsements by well-known personalities to appear credible. In some cases, investors are encouraged to recruit others before they can earn returns—a common characteristic of pyramid-style schemes.

To help protect investors, the Commission advises the public to:

Verify that any investment platform is licensed by the SEC before investing.

Be cautious of investment opportunities promising unusually high or guaranteed returns.

Avoid schemes that require recruiting new participants to generate earnings.

Conduct independent due diligence rather than relying solely on recommendations from friends or social media.

The SEC reaffirmed its commitment to safeguarding investors and maintaining confidence in Ghana's capital market. It encouraged the public to report suspicious investment activities and to confirm the regulatory status of any investment provider before committing funds.

Source

This article is based on reporting originally published by Citi Newsroom.

Original article: SEC engages CSA over reported CWPC investment scam – Citi Newsroom