The government of Ghana through the Securities Exchange Commission is warning Ghanaians to desist from investing their money with ChyMall – a self-acclaimed international online shopping platform.
Chymall, after it was launched on March 26, 2019, in Ghana, has got a lot of patronage from Ghanaians with numerous advertisements on social media enticing people to invest their money for mouthwatering returns.
A statement dated January 8 and issued by SEC said, “Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited owners of Chymall are therefore not regulated by the SEC. The General Public is advised to be cautious with investing in unlicensed products.”
It added that SEC is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital Market to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
More Information On ChyMall And How It Operates
Chymall says it is an online shopping mall like eBay, Amazon, Jumia, Konga, etc but with a difference. It runs on a system called New Retail. New Retail is a system proposed by Jack Ma which allows customers to buy goods/services at both wholesale price and retail too.
Chymall company uses new investors’ money to pay old members, And that’s what makes it a pyramid scheme However it has an offer/service, which makes it legit but not reliable, nonetheless most feedbacks we get from members are positive as at the time of this post.
But any member who refers others to the company gets additional bonuses for referring them. In CHYMALL, Members don’t make their money by selling products from office to office or on the streets or selling to individuals.
When you register with CHYMALL your money is on your phone (mobile money account) so you control or operate your business yourself. … With CHYMALL you TRADE with your money yourself (using your mobile money account) on your phone and CHYMALL gives you profits on your money every 10-12 days.