Sun. May 16th, 2021

Caveat Emptor: “Beware Of Fraudulent Investment Schemes” -EFCC

Caveat Emptor: “Beware Of Fraudulent Investment Schemes” -EFCC

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

The trend according to the agency said it indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the Commission and other stakeholders.

Consequently, the agency has warned Nigerians to be circumspect in their investment decisions. Adding that any investment that promises returns that look too good to be true should be considered ‘a red flag’.

The agency in a statement issued today by it’s media and publicity department reads in parts: “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.

“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”.