Trading Gate: More than CFA20 billion stolen

Wednesday, 13 October 2021 16:39
Trading Gate: More than CFA20 billion stolen

(Togo First) - Togolese investors lost more than CFA20 billion in the “Trading Gate” scam. Talking to France 24, Ange Ketor, head of the microfinance professionals association of Togo, said the fake trading and cryptocurrency firms “stole over CFA22 to 25 billion.”

This money, the expert added, “came mainly from formal lenders, like banks and microfinance institutions.” Thousands of savers trusted their money with these placement entities.

Over the past few months, the country’s microfinance entities have been warning the population against placement agents that promise extraordinary profits - ranging from 50% to 100%, and sometimes up to 300%.

The companies singled out, suspended at the end of March by the public authorities for illegally carrying out monetary and financial activities, include CACESPIC-IF Togo Sari, Global Trade Corporation (GTC), Société de Négoce et de Courtage en Banque (SNCB), Leader Bureau Chymall-Sairui Groupe Togo, QNET, TIENS, and J-Global Capital International. France 24 reported that J-Global Capital’s clients lost nearly CFA7 billion. 

Last July, the minister of finance, Sani Yaya, announced that a committee would be set up to monitor the reimbursement of funds collected by the concerned trading firms. Recently, many leading members of these firms were arrested by the police. 

Ayi Renaud Dossavi

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