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