EFCC Discovers 58 Illegal Ponzi Scheme Operators in Nigeria

The EFCC has exposed 58 illegal ponzi schemes operating without registration in Nigeria. The companies are under legal scrutiny, with several facing court charges. This alert aims to protect the public from fraudulent investment schemes and underscores the EFCC’s commitment to financial integrity in the nation.

The Economic and Financial Crimes Commission (EFCC) has identified 58 illegal ponzi scheme operators that are deceiving Nigerians by posing as investment companies. These entities are not registered with either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), as confirmed by both regulatory bodies in correspondence with the EFCC.

Several of these companies have faced legal actions, with five convicted and another five having pleaded guilty but awaiting further court proceedings. The names of the companies engaged in these unlawful activities have been released to warn the public.

The list includes companies such as Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, and many others. The EFCC emphasizes its commitment to monitoring financial operations to protect citizens from deceitful practices.

This public alert serves to inform and educate Nigerians about potential investment risks associated with unregistered ponzi schemes, helping to safeguard their financial well-being. The EFCC remains vigilant in its task of maintaining integrity in the financial sector to foster national economic growth.

In summary, the EFCC has uncovered 58 ponzi scheme operators preying on unsuspecting Nigerians, none of which hold valid registration with the CBN or SEC. Legal actions are being pursued against these entities, highlighting the EFCC’s active role in maintaining financial integrity in Nigeria. The public is urged to remain cautious and informed regarding investment opportunities, particularly those that are unregulated.

Original Source: www.premiumtimesng.com