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Scores lose millions to Savana Brokerage as grift scheme hits Ghana.

March 20, 2018

By Papisdaff Abdullah

Thousands of customers of an online investment scheme in Ghana, Savana Brokerage, are counting their losses as the digital platform has been inaccessible for weeks.

It is estimated that funds amounting to over GHC2million was invested across the country by Ghanaians.

Regulatory institutions including the Bank of Ghana and the Securities and Exchange Commission; are yet to comment on the development but Panafricanvisions can confirm that Savana Brokerage has no license to receive and invest funds in the west African country.

 Background

Per the address on the website before it went down, Savana Brokerage is a Kenyan Company pointing to a location in Nairobi.

According to the website, the company started operations in Ghana from 2014.

They were operating three packages; Knight Package, Queen Package and Kings Package.

Knight Package was a weekly form of investment – every customer was to invest more than GH 50. You were promised 10% on your money on weekly basis so you get 40% return on your capital at the end of the month.

Queen package; you get 60% on your investment money after a month.

Kings Package promised 100% return on an investment. The investment was to last for three month.

To invest, the victims say, the money is to be paid through an MTN Merchant and the operators of the scheme get access to the funds.

Currently, telecommunications network MTN appears to have blocked all the merchant accounts. But there are huge monies stack in the accounts.

The merchants are not able to go for the funds due to some irregularities and tax issues. The accounts are also under investigation by the telecom company.

When contacted, an official of MTN said the company is not in the position to comment on the issue.

Customer reaction

Since the website went down about two months ago, customers have begun galvanizing themselves for a class action.

They have formed regional and intercity Telegram and WhatsApp groups to push their concern.

One of the affected customers said, “the caliber of people who have invested in Savanna belong to the Elite. Some students also used their Student Loans and Fees to invest. I know someone who has invested GHC60,000. He is going mad. This is a very troubling development.”

The customers are hopeful that they might retrieve some of the funds due to the fact that MTN has blocked the merchant accounts which has about GHC2 million.

This development comes on the back of the infamous DKM troubles which robbed thousands of investors in Ghana of their money.

Investigation

Some customers have lodged complaints with the Criminals Investigations Department of the Ghana Police Service. Telecommunications network MTN has also begun intensive investigations into the matter.

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