Liyeplimal and CHY Mall have come under fire by the Le Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF).
According to CREPMF, Liyeplimal and CHY Mall are “unauthorized actors … collecting irregular funds from the public” in the region.
CREPMF has flagged Liyeplimal and CHY Mall as “investment offers promising high returns”.
Neither company is registered to offer securities across CREPMF’s jurisdiction.
CREPMF is part of the West African Economic and Monetary Union. It includes member states Benin, Burkina Faso, Cote D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
Of its member states CREPMF has specifically singled out Benin, Niger and Togo as being at risk.
CREPMF’s warning is the second issued against Liyeplimal across the region. Last October COSUMAF issued a similar securities fraud warning.
CHY Mall received a securities fraud warning from Ghana back in January. Earlier this month Rwandan authorities labelled the company a pyramid scheme.
BehindMLM has reviewed both Liyeplimal and CHY Mall. In both instances we concluded the companies were operating as Ponzi schemes.