PBAY officials arrested for alleged scam of customers

Officials of National Security in Ho have arrested leaders of a group allegedly attempting to scam customers of defunct banks in Ho and registering the unsuspecting clients.

Officers of a PBAY limited had set up camp at the premises of the Assemblies of God Church in Ho and attracted thousands of desperate customers, whose funds had been locked up.

A bowl was being passed around the Church room asking customers to contribute anything they could for electricity.

A form they were being coerced to fill, said two per cent of the retrieved funds would be deducted.

Two leaders of the group have been arrested with one identified as Charles Nyame.

The two have been taken to the Municipal Police headquarters for interrogation.

Assistant Superintendent of Police, Mr Alex Yeboah, in-charge of Ho Municipality confirmed the arrest and disclosed statements are being taken from the suspects.

Background

The Securities and Exchange Commission (SEC) on November 3, 2020. warned the general public, especially investors, against the operations of an entity called PBAY Limited.

According to the commission, the said entity is “purporting to be able to facilitate the payment of customers locked-up funds with some SEC regulated market operators whose licenses have been revoked in return for fees or a commission.”

In the statement, the SEC stated that “Our investigations have revealed that there is no company duly registered by the Registrar-General’s Department under that name.”

According to the statement, “the general public and investors are to note that neither the SEC nor the Official Liquidator, being the Registrar General, have authorized the actions of PBAY Limited.”