EFCC Unveils 58 Illegal Ponzi Scheme Operators in Nigeria

The EFCC has identified and listed 58 companies in Nigeria engaging in illegal Ponzi schemes, which are unregistered with financial regulators. Legal actions have been initiated against many of these entities, leading to convictions and pending trials. The EFCC aims to protect the public from financial fraud and ensure the integrity of the financial system.

The Economic and Financial Crimes Commission (EFCC) has revealed the operations of 58 companies in Nigeria that are engaged in illegal Ponzi schemes, misleading the public and defrauding them of their funds. These companies have not obtained registration from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC) and are conducting unauthorized investment activities.

In response to their activities, the EFCC has initiated legal actions against numerous entities, resulting in five convictions. While five others have entered guilty pleas, several cases are still pending trial. A comprehensive list of the illegal operators includes Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, and many more, totaling 58 entities.

The EFCC remains committed to monitoring and regulating financial activities in the country, ensuring that the economic environment is safe for legitimate investors. The agency urges the public to remain vigilant and avoid such fraudulent schemes that can lead to significant financial loss.

In an ongoing effort to uphold the integrity of Nigeria’s financial system, the EFCC reassures citizens of its dedication to protecting them from fraudulent practices and promoting economic growth through stringent anti-corruption measures.

In summary, the EFCC’s disclosure of 58 fraudulent Ponzi scheme operators serves as a critical alert for the investing public. The agency’s ongoing legal actions against these organizations highlight its commitment to rooting out financial crimes and maintaining the integrity of Nigeria’s economic landscape. Citizens are advised to exercise caution and verify the legitimacy of investment opportunities to safeguard their finances.

Original Source: www.premiumtimesng.com