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EFCC cautions Nigerians against bitcoin, other online investments

By News Desk

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians to be wary of fraudulent investment schemes, and also resist the temptation of quick gain that could end in misery.

The anti-graft agency stated that investing in bitcoin trading, Ponzi schemes, forex trading, and other online investment schemes are prone to fraud, saying, those who refused to resist taking an unmitigated risk in desperation to earn a windfall, do so at their own risks.

The commission asserted that though risk-taking is considered by some as the oxygen that drives investment decisions, the public should not take unmitigated risk in desperation to earn a windfall.

The EFCC expressed worry that despite the enforcement and public enlightenment interventions from its commission and other stakeholders, such investment scams had continued to thrive.

A statement by the commission titled, ‘EFCC raises the alarm over fraudulent investment schemes’ issued by its Head, Media, and Publicity, Wilson Uwujaren, indicated that some Nigerians were losing their hard-earned money to fraudsters.

The statement reads, “The Economic and Financial Crimes Commission, EFCC, is alarmed at the rate Nigerians send petitions to the Commission on fraudulent investments that promise high returns with little risk to investors.

“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 an 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,” the statement reads.

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