The Economic and Financial Crime Commission (EFCC) is set to arrest four Ponzi scheme operators across Nigeria within the next few weeks.
This was disclosed by a source in the anti-graft agency, who preferred anonymity. The source could not mention the names of the operators and their companies for security reasons.
According to the source, the affected companies are among the ones some financial experts have been warning ignorant investors to stay clear from via social media platforms, especially Twitter.
What the source is saying about the arrest
He said, “We are coming for the operators in a matter of few weeks and most of them operate largely in Lagos but reside outside the commercial hub of the nation. They believe they are smart but the Eagle is watching and they will be charged to court in a matter of days.
“These fraudsters have reaped several Nigerians off their hard-earned money while others have lost their lives due to the shock they got when they realised they have been swindled. We have also observed that a lot of the Ponzi schemes thrive, especially during a recession or economic hardship, but we will also choke them as they are only out to entice Nigerians with some fixed returns only to disappear in a few months or years.”
Rising cases of Ponzi schemes
Nigerians have recently been exposed to rising cases of Ponzi schemes, which are often pervasive during periods of the economic crunch.
- On March 8, 2022, EFCC had secured the conviction…
