Over 500 customers of Onward Investment Limited have sued the company and initiated moves to retrieve their investments.

The Bank of Ghana (BoG) said it did not license Onward Investment Limited to take monies from the public and engage in on-line foreign exchange trading.

The company promised interest rates of 25% for a trading cycle of 42 days in December last year.

But the Central Bank subsequently halted the company’s activities leaving investments of customers frozen indefinitely.

It also ordered the arrest of some officials of Onward Investment Limited for further investigations and promised possible refunds to investors who fell victim to the company’s operations by selling off the company’s assets.

The investors have now resorted to the courts to retrieve their monies following what they described as Bank of Ghana’s unwillingness to give them their monies.

“Some of the customers are also thinking of embarking on a demonstration. It seems everybody is finding a way to handle the situation,” Samuel Gymafi, one of the customers of Onward Investment, told Citi Business News.**

Source: citifmonline

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