Forex Scam Tracker: Africa

Solicited investments in cryptocurrency and forex trading, promising investors "up to 200% of their first investment." Not authorised by the FSCA and could not be contacted.

Operating as a Ponzi scheme promising 20-50% returns via Telegram. Falsely implies association with Fidelity Bank Ghana, which has publicly disowned the entity.

Solicited funds via social media promising fixed daily returns tied to vague tasks labelled "Job 1" to "Job 10." Not licensed, authorised, or approved to operate in Ghana.

Presented itself as an AI crypto investment platform. Not registered or licensed. Operations exhibit characteristics of fraudulent Ponzi schemes.

Solicited funds for investments, forex signals, and forex trading expert advisers without authorisation.

CFD broker offering forex, equities, indices, and crypto. Solicited funds from Nigerian investors including through Nigerian bank accounts. Not registered. Ponzi-style characteristics.

Collected funds from investors under the guise of forex trading but diverted the majority to pay fake returns to other investors and cover personal expenses. Only a small fraction was actually traded.

Claims to offer investment services in Nigerian stocks. Falsely claims SEC supervision and approval. Investors reported inability to withdraw funds.

Invited people to invest in forex trading opportunities, collected deposits into his personal bank account, then ceased all communication.

Solicited deposits from the public promising to trade forex on their behalf, without FSP authorisation.

Presented itself as an investment adviser/fund manager, actively promoted on social media. Not registered or licensed by the SEC to operate in Nigeria.

Social media platforms promoting unlicensed investment products. News GH advertised the "Gold AI Rise Platform" promising risk-free high returns.

Promoted market analysis and trading services with guaranteed returns and heavy referral incentives. Flagged as a potential Ponzi scheme by the SEC.

Unregistered trading platform that cloned websites of major Nigerian media outlets (Punch, Vanguard, BBC, Channels TV) to lure investors. Used fake celebrity endorsement videos.

Promoted digital payment services, cryptocurrency trading, and cross-border remittances without Bank of Ghana authorisation.

Claims affiliation with the "Africa Diaspora Central Bank" (ADCB) — an entity the Bank of Ghana does not recognise. Promotes a digital currency called "AKL Lumi."

Solicited funds via Facebook promising unrealistic returns, claiming to provide trading signals and services. Not authorised and could not be contacted by the FSCA.

Offered forex trading signals via Instagram and Telegram, leading to financial losses for subscribers. Denied offering signals despite evidence from victims.

Unregistered crypto/forex platform promising 100% returns in 30 days via "AI-powered trading." Collapsed in April 2025 trapping funds of an estimated 600,000 Nigerians. Resurfaced as "ST Technologies" demanding fees before withdrawals.

Unlicensed crypto/forex platform that collapsed in April 2025. Promised AI-powered returns of up to 100% in 30 days. Estimated $847 million lost across Kenya and Nigeria.

Licensed money manager whose licence was suspended for 90 days due to non-compliance with governance, financial, AML, and operational requirements. CMA had engaged the company since 2023.

Solicited deposits promising to manage trading accounts and trade forex on behalf of clients, without an FSP licence. Failed to cooperate with FSCA investigation.

Falsely claimed to be a SEC-licensed cryptocurrency exchange. Not registered or licensed to operate in any capacity in the Nigerian capital market.

Provided forex signals via Telegram without an FSP licence from 2018 to 2023. First-ever FSCA enforcement against a trading signals provider.

487 suspects arrested in Kumasi in a major operation against this pyramid scheme. Victims were enticed from across the country with promises of lucrative returns.

Blacklisted unregulated online trading platform offering investment and finance services without SEC registration.

Blacklisted unregulated online trading platform purporting to offer forex trading services without any SEC registration.

Part of a joint SEC-EOCO investigation into 17 unlicensed entities operating via social media and online platforms.

Flagged as part of 17 unlicensed investment entities by SEC and EOCO joint investigation. Operating without a licence in Ghana.

Part of the CMA crackdown on 40+ unlicensed forex entities. Operated without a CMA licence as an online forex dealer.

Operated as a fund manager and online forex dealer without the required CMA licences. Issued a cease and desist order.