Thousands of persons whose investments have been locked up in some network marketing schemes in the Volta region have made a passionate appeal to President John Mahama to intervene for them to recoup their monies.
This follows several fruitless efforts on their part in the last one year, to trace the entities involved in the schemes in which they deposited various sums of money, with the promise of juicy returns on them.
Seven entities including, Little Drops, Prosperity and Good health, Global leads, Royal foundation, Marcepth Wealth, Global foundation, and Develop Winners Asante, operated the ‘ponzi’ schemes under the guise of fun clubs between 2014 and 2015, promising clients between 800 and 1000 percent returns on an average minimum investment of GHC 450 within three to five months.
Though some early depositors recouped their investments with the promised interest, thousands of them had their hopes dashed, as they cannot trace the whereabouts of the managers of the schemes.
Addressing a press conference in Ho Sunday, a Spokesperson for the aggrieved clients Hadzidey Richard said the situation has made life very unbearable for them, as some of them also invested their business capital and bank loans into schemes.
“Mr. President, we are appealing to you to use your good office to get these network companies pay the monies due us, since the banks are after us for their monies and interest.”
Meanwhile, the Bank of Ghana at a recent media briefing at Hohoe also denounced the operation of the schemes, describing them as illegal.
The security apparatus in the region are also investigating the location of the managers of the schemes after the aggrieved depositors went on a street protest and petitioned the regional Minister about the development in July.