The Economic and Financial Crimes Commission (EFCC) has issued a statement warning Nigerians against get-rich-quick schemes.
“Investment in Bitcoin, for instance, is a high risk activity as the terrain is largely unregulated, and prone to fraud,” the anti-graft agency said.
EFCC spokesman, Wilson Uwujaren, who gave the warning in Abuja, said the commission has received many petitions regarding investments that promises quick and bogus gains. He particularly noted that Bitcoin trading, forex and other Ponzi schemes are making Nigerians lose money.
He noted that investment scams have continued to thrive despite enforcement and stiff regulations. The statement warned Nigerians to be “circumspect in their investment decisions.”
The anti-graft agency also reminded civil society organisations (CSOs) and non-governmental organisations (NGOs) that it is mandatory to report to the Special Control Unit against Money Laundering (SCUML) any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.