The Securities and Exchange Commission has expressed concern over the activities of some online scammers, currently running an online investment scheme tagged ‘Loom Money Nigeria’.
Uduk, who was represented at the press conference by the acting Executive Commissioner, Operations of the SEC, Mr. Isyaku Tilde said the venture is bereft of any tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds. “If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts.
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