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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 IwayemibyZainab Iwayemi
3 months ago
in Crime and Insecurity
Why court absolved three AIICO staff members of N1.5 billion fraud charges
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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!!!

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.

Related

Tags: Brad CrashEconomic and Financial Crime CommissionEFCCGalaxyMMMPonzi SchemesRacsterli

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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