The Economic and Financial Crime Commission (EFCC) has arrested and is prosecuting about ten Ponzi scheme operators who have allegedly fleeced Nigerians of over N12 billion between October 2020 and August 2021.

This was confirmed from data obtained from the website of the anti-graft agency by Nairametrics. Nairametrics also found that most of the operators of the schemes promised their victims attractive returns on investment (ROI) as high as 55% after their first month of investment, a bait swallowed by thousand Nigerians who have since got their fingers burnt.

Some trending Ponzi schemes in EFCC’s net

WKC is allegedly owned by Adewale Daniel, who is currently on the run. He allegedly collected about N1 billion from several unsuspecting investors after promising to invest their funds in forex, real estate, and automobiles among others. The offer of 55% ROI after one month of investing across these sectors was enough to lure his victims…

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