Cameroon Minister of Finance, Mr. Louis Paul Motaze, today has instructed the immediate closure of Sairui Mall and some other Ponzi schemes
Cameroon Minister of Finance, Mr Louis Paul Motaze, today, October 29, 2020, has instructed the immediate closure of Sairui Mall and some other Ponzi schemes that have indulged in illegal fundraising without legal approval from the state.
What is Sairui ChyMall
Sairui ChyMall is an online marketing platform that promises its partners five per cent of their investment every ten days.
This means that in one month benefit 15 per cent of your investment and 90 per cent in six months.
In particular, this company is known to operate in the United Kingdom (UK), Ghana, Nigeria, South Africa, United Arab Emirates, Gabon, etc.
See Also: Sairui Chymall Scam Testimonies (Stay Away)
Cameroon Bans Sairui Chymall and Other Ponzi Schemes
This ban comes after several complaints from Cameroonians and other users who have been searching online to know why Sairu Chymall is a scam.
The Minister of Finance, Louis Paul Motaze, draws the public and economic investors' attention to the risk of losing their investments in these companies.
He has instructed these companies to refund customers' funds under the penalty of legal investments.
See Also: Cameroon Government Suspends the 33% Phone Tax.
Network Marketing Companies Banned in Cameroon
Seventeen network marketing companies operating as Ponzi schemes or pyramid schemes have been banned in Cameroon.
This is the list of network marketing companies banned operating as Ponzi schemes in Cameroon:
- Sairui Chymall
- Academy of African Investors (AAA)
- Global Investment Trading (GIT)
- Global Crypto Currency Trading
- GTX Invest Global Trusted Exchange
- Sogaa Sarl, Petronpay Cameroon
- Mekit Invest, Unique Finance
- Fortune Investment and Wealth
- Crifat, Highlife International Cameroon
- Revel Cameroon
- Cameroon Invest
- Mougano Investment
- Obassi Communication
- Diviner's Auto Electronic
As a result of this, the Ministry of Finance calls on these companies to immediately cease their fundraising operations and notify their customers and the public through various media.
See the communique from the Ministry of Finance below.