Stop Investing In Forex Trading, Bitcoin, EFCC Warns Nigerian Youths

Economic and Financial Crimes Commission has warned Nigerians against investing in fraudulent investment schemes that promised high returns with little risk.

In a statement on Monday by its Head, Media and Publicity, Wilson Uwujaren, the commission asked Nigerians to stop investing in Ponzi schemes, forex trading, and most recently, Bitcoin trading.

 

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

 

 

It urged Nigerians to desist from taking an uncalculated risk in desperation to earn a windfall, saying that schemes like Bitcoin and forex trading were mostly unregulated and prone to scam.

The statement read in part, “The Economic and Financial Crimes Commission, EFCC, is alarmed at the rate Nigerians send petitions to the commission on fraudulent investments that promise high return with little risks to investors.

“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.”

 

“Any investment that promises returns that look too good to be true should be considered a red flag. Those who ignore this advisory do so at their own risks.”