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EFCC Tells Nigerians: Be Wary Of Investment In Bitcoin, Forex Trading

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

The warning was contained in a statement issued by the Spokesman of the EFCC, Wilson Uwujaren on Monday.

Uwujaren said the commission is alarmed at the rate Nigerians send petitions to the EFCC on fraudulent investments that promise high return with little risks to investors.

According to him, this trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.

He added that 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,” he noted.

The anti-graft agency spokesman further said that “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.”

He opined that 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,” he concluded.

SWITCH NIGERIA recalls that the commission recently arrested an Instagram comedian and social media influencer, Pankeeroy for bitcoin fraud.

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