Wednesday, June 16, 2021

EFCC raises alarm over crypto, fraudulent investment schemes

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https://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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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.

A statement by the commission’s spokesman, Wilson Uwujaren, said the trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.

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“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 [crypto] trading.

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“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.

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“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 statement said.

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