The Economic and Organised Crime Office (EOCO) on Wednesday, 27 May 2020, arrested some officials of Payboy Company Limited, an entity that purports to be into the marketing and promotion of financial technologies. 

EOCO said its initial investigations have revealed that the company was operating without the requisite licences from either the Bank of Ghana or the Securities and Exchange Commission.

The public has been advised to be circumspect when dealing with companies or individuals if it involves financial commitment.

Two weeks ago, embattled gold dealership firm, Menzgold Ghana Limited, appointed Payboy Company Limited as a third party to negotiate debt settlement with its numerous aggrieved clients.

In a statement, Menzgold said: “Following a piece of advice given and subsequently reiterated in a press release issued on the 18th of December 2019 with reference number KBA 3015/19 by our counsel, we’re happy to introduce PAYBOY COMPANY LIMITED, a digital payments marketing and promotions company, headquartered at No. 34 Nii Ako Nortei Street, Blohum Road, Dzorwulu, Accra, as the appointed third party entity with the capacity to negotiate ‘Debt Settlement Agreements’ and to facilitate payments of same, in our committed resolve to ensure the eventual full debts settlements by Menzgold within the shortest possible time”.

“Counting on your kind cooperation as we strive to achieve this noble debt settlement objective,” the statement added.

Meanwhile, on 22 April 2020, the Coalition of Aggrieved Customers of Menzgold (CACM) described Payboy Company Limited, an alleged offshoot of the defunct gold-trading company, as a Ponzi scheme and cautioned its members against doing business with the firm.

It followed calls to customers by Payboy Company to pay an amount of money in order to retrieve their locked-up funds from the defunct gold-trading company.