The commission warned that the public should beware of online investment schemes
The Economic and Financial Crime Commission has declared Racsterli, MMM, Galaxy, and Brad Crash as Ponzi schemes used to defraud the public.
The commission, in a Twitter post, warned that the public should beware of online investment schemes that promise high returns within a short space.
It stated, “Do not fall victim to these online investments. It’s a Ponzi scheme! Know that no investment gives those fantastic returns. No let Yahoo boys run your street!!!
The issue: Cases of online investment fraud have continued to rise with the pace of digitization.
- It was reported how Racsterli, an investment platform introduced by Michael Chidiebere Oti, also known as Black Gold broke so many hearts.
- The so-called investment platform emanated after the 2020 Covid-19 crisis forced a lot of Nigerians to search for alternative investments with significant returns.
- Similar to this, several other investment platforms have also been reported to allegedly scam Nigerians of their hard-earned income.
