EFCC exposes 58 fraudulent companies in Nigeria

DDM News

The Economic and Financial Crimes Commission (EFCC) has uncovered 58 companies involved in illegal investment schemes across Nigeria.

Diaspora digital media (DDM) gathered that these fraudulent companies deceived Nigerians by posing as legitimate investment platforms without proper registration with regulatory authorities.

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) confirmed their illegal operations to the EFCC.

Many victims lost their savings after investing in these fake schemes promising high returns.

The EFCC has taken legal action against these companies to protect Nigerians from further financial losses.

Dele Oyewale, EFCC’s head of media and publicity, confirmed that some of these companies have already faced court proceedings.

Five companies have been convicted for their fraudulent activities in different courts across the country.

Another five companies have pleaded guilty and are awaiting further legal procedures.

Several other companies on the list are yet to be arraigned in court.

Among the indicted companies are Wales Kingdom Capital and Bethseida Group of Companies.

Others include AQM Capital Limited, Titan Multibusiness Investment Limited, and Farmforte Limited & Agro Partnership Tech.

More names on the list are Richfield Multiconcepts Limited, Forte Asset Management Limited, and Biss Networks Nigeria Limited.

These companies lured investors with promises of quick and unrealistic profits in agriculture, real estate, and forex trading.

They operated without proper licenses, deceiving the public with false investment opportunities.

Many investors suffered heavy financial losses after these companies disappeared with their money.

The EFCC has intensified efforts to recover stolen funds from these fraudulent companies.

Nigerians are advised to verify investment companies with regulatory bodies before committing their money.

The commission urges victims of these scams to come forward and report their experiences.

More arrests and legal actions are expected as investigations continue.

The EFCC remains committed to fighting financial crimes and protecting Nigerians from fraudulent investment schemes.

Authorities warn the public to be cautious of investment offers promising unusually high returns.

This crackdown aims to restore public confidence in Nigeria’s financial sector.

Regulatory bodies are tightening measures to prevent future occurrences of similar frauds.

The government continues to strengthen financial policies to combat fraudulent investment activities nationwide.

The EFCC’s action is a strong message to fraudsters operating in Nigeria’s financial industry.

Nigerians must stay informed and conduct due diligence before engaging in any investment scheme.

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