Finance minister halts disorder in money investment schemes

By NewsWatch Staff Writer

The Minister of Finance, MINFI, Louis Paul Motaze, has put to and end disorder in money investment schemes within the country.

Minister Motaze recently banned 17 of such money investment schemes.  

The money investment schemes are said to have indulged in illicit fund-raising without legal approval from the state.

The banning order is the content of a press release signed by the minister on October 29, 2020, faulting crypto-asset trading as the declared motives of the fund-raising companies.

While ordering the companies to reimburse subscribers, the Minister warned that failure to do so will attract severe penalty.

The sanctioned companies include, Academy of African Investors, AAA; Global Investment Trading, GIT; Global Crypto Currencies Trading; GTX Invest Global Trusted Exchange; Sogaa Sarl; Petronpay Cameroon; Mekit Invest; Unique Finance; Fortune Investment & Wealth; Crifat; Highlife International Cameroon; Sairiu; Regel Cameroun; Cameroon Invest; Mougano Investment; Obassi Communication; Divine’s Auto Electronic and Africa’Lif.

Drawing the attention of the public and economic operators to the risk of losing their funds in these investments, the Minister of Fianance instructed the promoters to immediately cease their fund-raising operations with recourse to announcements and publications through various communication media.

The ban place on the companies comes after the Central African Financial Market Surveillance Commission known as COSUMAF had issued a statement October 21, 2020, warning the Cameroonian public against the activities of several of these companies which propose to invest and place in financial products, without having the necessary approvals.

It should be recalled that similar finance scams had frustrated subscribers in Douala and Yaounde with Buea being the latest where the operators reportedly disappeared with subscribers’ investment worth several millions of FCFA.

Over a week ago, a popular Buea-based prophet was reportedly arrested along with four other founders of an investment company that syphoned subscribers’ money.

The Guardian Post gathered that these investment companies lure their clients who eventually become prey, promising them up to about 100% profit on their total investment. It should be recalled that in 2018, the infamous French financial institution called MIDA, had reportedly dubbed over 3,000 Cameroonian subscribers. The operators were arrested and imprisoned after embezzling billions of FCFA in Yaounde. The victims were left to the mercy of the President of the Republic who ordered for a special compensation for the victims.

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