SC cautions public over investment scams

In a statement yesterday, the SC said it had received a total of 47 complaints and enquiries since January 2022, on illegal investment schemes promoted through Telegram.

“They commonly offer unrealistic returns of as high as 1,000% within 24 hours or even within a few hours.”“They may also impersonate or clone licensed capital market intermediaries by using the names, logos, credentials, websites and other details of the legitimate entities to promote the illegal schemes.

The SC said interested investors will then be asked to directly message the representatives to begin investing in the various investment packages offered.

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