Take a fresh look at your lifestyle.

EFCC raises the alarm over surge in fraudulent investment schemes

Joy Anyim

The Economic and Financial Crimes Commission (EFCC) has alarmed at the rate Nigerians send petitions to the Commission on fraudulent investments that promise high return with little risks to investors.

According to the Commission, the trend indicated that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the Commission and other stakeholders.

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

“Many have lost, and are still losing, money to Ponzi schemes, forex trading and most recently Bitcoin trading.

READ ALSO: https://www.thexpressng.com/2021/04/26/just-in-dpo-8-police-officers-killed-in-kebbi/

“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,” it said.

The EFCC further stated that while it would 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.

In a statement issued, on Monday, the anti-graft agency stated 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. Those who ignore this advisory, do so at their own risks,” the EFCC warned.