The scheme, operated by Leverage Index Limited, promised investors a 10% return on investment through a method referred to as “Life Trading.”
Browsing: Ponzi scheme
Chima Onyechere, the Zonal Controller of NDIC, Ilorin Zone, who gave the advice on Wednesday in an interview with the News Agency of Nigeria said such financial institutions were fraudulent.
The EFCC Head, Media and Publicity, Wilson Uwujaren, disclosed this in a statement in Port Harcourt, Rivers State on Wednesday, adding that the suspects allegedly operated a Ponzi scheme.
Their arrest was sequel to intelligence that the organisation had lured many citizens to “invest” in the bogus scheme using irresistible promise of return on investment of up to 50 per cent in two weeks as bait.
African Leaders Club, a Ponzi scheme operating from 79, Nike Road, Abakpa Nike, Enugu, Enugu State.
The Securities and Exchange Commission has warned Nigerians against fraudsters currently running an online investment scheme, tagged: “Loom Money Nigeria.”
The NAICOM spokesman, Abdulrasaq Abdulsalami, said in a statement on Thursday in Lagos that the scheme, which was tagged: “National Insurance Commission Newly Launched: Merging Automated”, was a fraud.
This is coming shortly after MMM announced the complete shut down of its scheme, following the death of its founder
This was contained in a statement by Ayo Oyewole, the Head of Public Affairs, Ibadan Zonal Office of the EFCC, on Thursday.
Gwarzo told the News Agency of Nigeria in Abuja that for Ponzi schemes to be eradicated, Nigerians must stop being greedy