Police in Accra have arrested a person they believe ran a Ponzi scheme. Many people reportedly lost their money through this scheme.
The Accra Regional Police Command made the arrest. Investigations into the full extent of the fraud are continuing.
Authorities are working to find other people who may have been victims of the scheme.
Police are also looking for people who might have helped the arrested suspect.
A Ponzi scheme promises high returns to investors. However, early investors are paid with money from later investors, not from actual profits.
This type of fraud eventually collapses when new investors cannot be found.
The Ghana Police Service is investigating the case.
Further details on the number of victims and the total amount defrauded are expected as the investigation progresses.