The Economic and Financial Crimes Commission (EFCC) and Securities and Exchange Commission (SEC) have vowed to hunt down Ponzi scheme operators in Nigeria. This was disclosed by the Federal government agencies on Wednesday following the collapse of an acclaimed digital asset platform, CBEX.
CBEX, a digital platform for trading in crypto that promises 100% return within 30 days, collapsed on Monday, claiming more than N1.3 trillion of users’ funds. Speaking on the matter, the Director General of SEC, Emomotimi Agama, promised that the commission would hunt down the fraudsters.
Agama disclosed that the agency will commence an investigation to find those behind the Ponzi scheme and bring them to justice. The Director emphasized that the law has given them the power to take the operators behind the scheme down.
Agama continued by warning the victims and Nigerians against investing in schemes that are too good to be true. He expressed that Ponzi schemes began in the 20th century and have since been used by many to defraud others.
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The SEC chief thereafter disclosed measures and ways in which people will be aware and educated about these various schemes. Agama noted that a podcast has been launched to provide more information and educate people concerning Ponzi schemes.
He also urged Nigerians to make inquiries to know if the operators of a scheme are registered by the commission. Agama concluded by revealing the sum of N10bn approved recently by the senate for the market education program.
He expressed that with the help of President Tinubu, the commission would establish more offices to hunt down the perpetrators. Also, reacting to the matter, the Spokesperson for EFCC, Dele Oyewale, reassured the victims of CBEX would get their money back.
Oyewale noted that the investigation had already been ongoing before the collapse of the digital platform.He continued that the agency has spoken to Interpol and necessary agencies across the world to bring down those behind the scheme. Oyewale also advised Nigerians to be wary of these companies and separate themselves from fraudulent schemes.
