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Home Business News Crime and Insecurity

EFCC flags Racsterli, MMM, others as Ponzi schemes

The commission warned that the public should beware of online investment schemes

Zainab Iwayemi by Zainab Iwayemi
November 6, 2022
in Crime and Insecurity
Poverty, EFCC, CSO
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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!!!

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The issue: Cases of online investment fraud have continued to rise with the pace of digitization.

  • Nairametrics 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.

Follow us for Breaking News and Market Intelligence.
Tags: Brad CrashEconomic and Financial Crime CommissionEFCCGalaxyMMMPonzi SchemesRacsterli
Zainab Iwayemi

Zainab Iwayemi

For further inquiries about this article, contact: Email: zainab.iwayemi@nairametrics.com Twitter: @IwayemiZainab LinkedIn: Zainab Iwayemi

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Comments 2

  1. Yuguda Hamman says:
    November 7, 2022 at 8:30 pm

    For every I there is dot. It only takes a fool to be convinced that such a fortune could be real.

    Reply
  2. Christopher Ebika says:
    November 8, 2022 at 10:31 pm

    Many of us Nigerians was recently scammmed by River Ranch animal husbandry investment as well as Sunrun-ng that claim to deal with solar power bank.

    Reply

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