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EFCC

…Raises Alarm over Fraudulent Investment Schemes

By Soni Daniel

The Economic and Financial Crimes Commission has warned Nigerians to be wary of investing in Bitcoin, as the scheme remains a high risk and prone to fraud given its unregulated nature.

The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, made the position of the anti-graft agency known in a statement he released to journalists in Abuja on Monday.

In the statement, the commission also raised the alarm over the rate at which Nigerians splash money into investments that promise high returns with little or no risks to the investors.

The statement noted with dismay that investment scams have continued to thrive despite the enforcement of stringent measures 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,” the commission pointed out.

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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.

“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,” EFCC warned.

Vanguard News Nigeria

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