Sunday, August 1, 2021

Nigerians losing money to fraudulent investment schemes – EFCC

The Economic and Financial Crimes Commission (EFCC) said it is alarmed at the rate investment scams were thriving in the country.

The Anti-graft body claims the rate at which Nigerians send petitions on fraudulent investments that promise high returns with little risks to investors was alarming.

Wilson Uwujaren, Head of Media in a statement said the trend indicated that investment scams were thriving despite the enforcement and public enlightenment interventions.

The spokesman noted that the direct implication was that hapless citizens are losing their hard-earned money to fraudsters, compounding the nation’s economic woes.

EFCC told Nigerians that many have lost and are still losing, money to Ponzi schemes, forex trading and most recently Bitcoin trading.

“Though risk-taking is considered by some as the oxygen that drives investment decisions, the Commission wishes to warn the public against taking an unmitigated risk in desperation to earn a windfall.”

The statement insisted that investment in Bitcoin is a high-risk activity as the terrain is largely unregulated and prone to fraud.

The EFCC said while it will continue to investigate and prosecute persons complicit in fraudulent investment schemes, it is incumbent on the public to be circumspect in their decisions.

Uwujaren warned that any investment that promises returns that look too good to be true should be considered a red flag.

“Nigerians are by this notice, warned to be wary of fraudulent schemes and are hereby enjoined to resist the temptation of quick gain that could end in misery”, he added

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