The Coalition of Aggrieved Customers of Menzgold has described digital payment marketing and promotions company PAYBOY as a Ponzi scheme and an offshoot of Menzgold.
Payboy is the company that has been appointed by now-defunct gold dealership Menzgold, to act as third party entity to negotiate settlement with their unpaid customers.
According to the aggrieved customers, Payboy is already demanding some monies from them to help retrieve their locked up investment from Menzgold.
Public Relations Officer of the aggrieved customers, Fred Forson, described the activities of Payboy as a Ponzi scheme aimed at outwitting them.
“About 319 customers have fallen prey to the latest scandal by Payboy which extorts 9 percent to 20 percent of their locked up investment with the pretext that they can work magic to enable them get their locked up investment paid. Our investigation shows that the activities of Payboy, an offshoot of Menzgold CEO is nothing but a Ponzi scheme calculated to outwit unsuspecting customers of Menzgold. Many of the customers of Menzgold have received invites, adverts and messages asking them to partake in this scheme which we find quiet nauseating,” he said.
Fred Forson further alleged that Payboy Company Limited is not licensed by the Bank of Ghana to act in the capacity Menzgold was placed them.
“Our checks do not indicate that Payboy is licensed by the Bank of Ghana. They’ve been registered by the registrar’s general department. But as to the particular business they’re doing in demanding money, Bank of Ghana ought to license them to do that activity.
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Story by: Nicholas Brown | www.universnewsroom.com