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Monday, April 26, 2021

EFCC cries out over fraudulent investment schemes in Nigeria

EFCC cries out over fraudulent investment schemes in Nigeria



Eric Patrick


The Economic and Financial Crimes Commission, EFCC, is alarmed at the rate Nigerians send petitions to the Commission on fraudulent investments that promise a high returns with little risks to investors.

THEWATCH NEWS gathered that, some of these investment schemes give investors the opportunity to invest with little amount and get higher benefits in return after some hours or days of investing.

The EFCC revealed that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.

THEWATCH NEWS report that millions of Nigerian citizens are losing their hard-earned money to fraudsters, compounding the nation’s economy.

Many Nigerians have reportedly lost money to Ponzi schemes, forex trading, Bitcoin trading and many will still lose if the Federal government fails to find lasting solutions to scamming.

The EFCC said that, though risk-taking is considered by some as the oxygen that drives investment decisions.

The Commission wishes to warn the public against taking unmitigated risk in desperation to earn a windfall.

 



Investment in Bitcoin, for instance, is a high risk activity as the terrain is largely unregulated, and prone to fraud. 

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

However, the commission has revealed 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.

The head of media and publicity, Wilson Uwujaren has said anyone who ignore this advisory, do so at their own risks.
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