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We’re working with regulators to disburse frozen Savanna Brokerage Funds – MTN

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MTN says it is working closely with the regulator to ensure the right procedure is followed

Telecommunications Company, MTN, has said, once all regulatory procedures and obligations are met with respect to the ongoing investigations into the Savanna Brokerage scam, it will disburse the frozen funds to investors.

“MTN awaits further direction and clarification on the frozen funds and assures its valued customers that once we receive a clear directive after the investigation we shall comply,” a statement from MTN said.

Early this year, some customers of Savanna Brokerage, an online investment company, cried over their locked up cash, raising an alarm.

The company was later discovered to have been running a ponzi scheme using MTN Mobile Money Merchant accounts to defraud over 12,000 customers.

Preliminary investigations culminated in the arrest of some suspects and the freezing of the Mobile Money Merchant accounts that were used to perpetrate the act.

The matter has since been referred to the police for further investigations.

However, some customers have run out of patience and are demanding a reversal of their investments which have been held up by MTN.

But MTN in the statement said “MTN is working closely with the regulator to ensure the right procedure is followed and all relevant obligations are fulfilled before disbursement of any funds…

“The regulator through the Financial Intelligence Centre is currently investigating the suspected fraudulent or investment scam in relation to Savanna Brokerage Investment.”

By 3news.com|Ghana

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