Lawsuit against Bank of Ghana withdrawn by ‘ponzi’ Capital Builders

The Bank of Ghana (BoG) says Capital Builders Network Limited, a financial firm that was said to have been operating a ‘ponzi’ scheme in the country, has withdrawn a lawsuit it filed against the central bank.

“Capital Builders Network Limited has withdrawn the suit against the Bank of Ghana following which the freeze order placed on its finances has been reversed by the Economic and Organized Crime Office,” the BoG said in a statement May 21, 2012.

Capital Builders was involved in deposit taking without a licence and the operation was comparable to a “ponzi” scheme upon which the BoG on January 27, 2011 issued a notice advising the general public on the unauthorized operations of the company.

The company subsequently instituted a court action against the central bank for frustrating its unauthorized operations.

The BoG reiterated it stands that Capital Builders Network Limited does not have a “licence to operate as a deposit taking institution”.

Patrons of the investment scheme are advised to contact Capital Builders Network Limited to collect their funds, the BoG statement said.

By Ekow Quandzie