EFCC cautions investors against Bitcoin, Forex trading, others

*Nigeria’s Economic and Financial Crimes Commission warns the investing public against taking absolute risk in desperation to earn a windfall via Bitcoin, Forex transactions and other instruments

Isola Moses | ConsumerConnect

Describing the investment option as ‘a high-risk activity that is largely unregulated and prone to fraud, Nigeria’s Economic and Financial Crimes Commission (EFCC) has warned Nigerians, that any investment that promises returns that “look too good to be true should be considered a red flag.”

ConsumerConnect gathered Mr. Wilson Uwujaren, Spokesman of EFCC, said in Abuja, FCT, “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.”

Uwujaren stated: “Investment in Bitcoin, for instance, is a high-risk activity as the terrain is largely unregulated and prone to fraud.”

The EFCC is alarmed at the rate Nigerians send petitions to the commission on fraudulent investments that promise a high return with little risk to investors, said the Spokesman.

He noted that Nigerians are losing money to Ponzi schemes, foreign exchange (Forex) trading, and most recently Bitcoin trading while compounding the country’s economic woes.

Uwujaren said the trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the anti-graft Commission and other stakeholders.

He added: “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.”

The Commission said 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,” stated he.

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