Some customers of Chy Mall Company, a Chinese online trading business have expressed surprise at a caution from the Economic and Organised Crime Office (EOCO) to the public against doing business with the Company.

Mr Rainer Anaane, a customer who spoke to the Ghana News Agency in Accra, said the scheme was “genuine” and that, “EOCO do not understand the concept that goes into the business because I buy products and sell them online and make commission from it.”

“I do not feel anything because it is a genuine business…,” he said, expressing shock at EOCO’s statement.

He said he joined the business in November 2019 and had enjoyed the returns from his investment, stressing he never regretted engaging in the “good business.”

Mr Anaane explained that the business had six levels of investments, which ranged from VIP one to six, adding that the first level was for the registration fee.

He said for VIP two, a customer needed to deposit a registration price of GH¢275 with a trading capital of GH¢495, summing up to GH¢770 with a profit of GHC 38.5 within 10 to 12 days and an estimated monthly profit of GH¢115.5.

For VIP three, prospective investors were to deposit GH¢550 as registration fee and GH¢990 as trading capital, with a total of GH¢1,540 and earn a profit of GHC 77 within 10 to 12 days and an estimated monthly profit of GH¢231.

Mr Anaane said the Company from December 2020 upgraded the business levels for existing customers christened as “automatic loan” where the Company used 50 percent of the total investment to pay for the loan, 40 percent for consumption point, while the depositor was allowed to withdraw the rest of the 10 percent.

He explained that the new policy was in a form of advanced credit spread within the period between six months to one year for only old depositors.

The customer said when the depositor was able to offset the loan, then the customers would commence with the 10 to 12 days and monthly profits.

“I have about 50 depositors, I have introduced into the business, which I received a commission on each of them, I get two dollars from each depositor under me who upgrades to VIP three”, he said.

Mr Joseph Awinbisah, a depositor, finds it difficult to believe that the scheme was illegal, saying the Ghana Revenue Authority, had registered the Company as an agent for VAT collection under the Value Added Tax Act 2013 (Act 870) in August 2020.

He said he had a certificate, which showed that the Company was registered with the Ghana Investment Promotion Centre, in August 2020.
A depositor, who only mentioned his name as Asamoah, also said the business was “genuine” and that he would continue to transact business with them because it was online trading.

EOCO on February 2, in a statement, advised the public to desist from doing business with CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited, saying the company was operating a Ponzi scheme through CHY Mall.

A communique from the CHY Mall to the customers assured them that the Company would take the appropriate measures to make the best arrangements for its clients, adding that their legal department would not relent in using its legal rights to protect the Company and customers.

It said “CHY Mall is a company that only provides an e-commerce platform, not an investment company. The platform allows customers to register and operate an online store to sell designated products. This is its official nature of business.”