An online investment platform known as Pacminer is reported to have defrauded close to 800,000 Ghanaian investors, with others losing over GHS 90,000 as the company is said to have vanished.
The company attracted investors by offering cloud-computing capacity for mining digital currencies like cryptocurrency. This lucrative cryptocurrency mining venture caught the attention of many people until the online platform came to a halt between December 26 and 27 last year.
According to reports, the modus operandi of Pacminer was that investors were convinced to purchase a machine and activate it daily, claiming that their funds were being used for mining operations.
But as the real story came to light, it was clear that Pacminer’s claims were all fabricated. Many investors were left feeling hopeless when attempts to take money out of their Pacminer accounts did not work.
Investors’ worries were heightened by the fact that the official WhatsApp groups and Pacminer’s principal administrators have not spoken since the early hours of December 26, 2023.
In addition to incurring significant financial losses, individual investors have also been refused the chance to withdraw their earnings from Pacminer, including those who assumed administrative duties.
Pacminer users could not withdraw their money between December 24 and 27, there were serious concerns.
However, to allay the fears of investors, the company justified that payments were not processed on holidays by the Telcos (MTN and VODAFONE).
The company presented the Abisbank app as a remedy for the payment delays during one of its regular meetings. This allegedly gave the customers some level of assurance, which encouraged many investors to download and install the software to invest more.
Reports say it turned out to be a highly invasive programme that granted access to users personal data, further compounding the plight of the victims.
Meanwhile, a Certificate of Incorporation from the Registrar General’s Department dated November 21, 2023, sighted by 3News.com, lists “Pacminer Technology Limited Company” as the company.
Fmr. SEC Director proposes tax on interest from Treasury Bills and bonds to boost Govt’s revenue
‘You invest in crypto currencies at your own risk’ – SEC cautions
It is, however, unclear if the Securities and Exchange Commission (SEC) regulated the company.
The victims of Pacminer cut across corporate people, students, and graduates. Monies invested include loans and funds held for trust. Although some customers enjoyed returns on their investments, the majority of late investors had their funds locked up.
This is a developing story. More to come…