The Securities and Exchanges Commission (SEC) has cautioned the public against doing business with Tizaa Ghana Fund.
It said the company has not been licensed to engage in investing or trading for returns business in the country and as such, its activities are not regulated by SEC.
Many social media posts over the past week have drawn attention to Tizaa Ghana Fund, which reportedly promises up to 50% returns on investment in 10 days.
The posts say the company receives monies between GH¢100 and GH¢300,000 for its activities and has registered tens of thousands of people.
But according to SEC, the public must be on alert dealing with the company.
“Tizaa Ghana Fund has not been licensed by the Securities and Exchange Commission (SEC) to carry out any Capital Market activities including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929). Tizaa Ghana Fund is therefore not regulated by the SEC. The General Public is advised to be cautions with investing in unlicensed products. The general and investing public is further advised to consult the SEC through its toll free line 0800100065 or main line number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market,” SEC noted.