EFCC Raises Alarm Over Fraudulent Investment Schemes

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

According to a statement on Monday, this trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the Commission and other stakeholders.

The commission said the direct implication was that hapless citizens were losing their hard-earned money to fraudsters, compounding the nation’s economic woes,alleging that many have lost, and are still losing, money to Ponzi schemes, forex trading and most recently Bitcoin trading.

According to the statement, 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 wishes to state 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. 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.”