The Economic and Financial Crimes Commission (EFCC) has warned that any investment that promises juicy returns that “looks too good to be true” should be considered a scam.
Wilson Uwujaren, EFCC Spokesman, said this in Abuja.
He noted that risk-taking, to some is an oxygen that drives investment decisions but, the Commission wishes to warn the public against taking unmitigated risk in desperation to earn a windfall.
He stated that “Investment in Bitcoin, for instance, is a high-risk activity as the terrain is largely unregulated and prone to fraud.”
He said that the rate at which Nigerians send petitions to EFCC on fraudulent investments that promise a high return with little risk to investors is high.
Uwujaren said further that the trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.
“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 detriments”, Uwujaren said.
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