The Securities and Exchange Commission (SEC) has raised the alarm over the activities of some fraudsters currently running an online investment scheme tagged ‘Loom Money Nigeria’.
Loom Money Nigeria is taking over social media by targeting young people to participate in a pyramid scheme.
But Acting Director General of the SEC, Ms. Mary Uduk during a press conference by the Minister of Finance in Abuja, Thursday warned Nigerians of the fraudulent activities of Loom promoters.
Uduk, who was represented by Acting Executive Commissioner, Operations of the SEC, Mr. Isyaku Tilde said the fraudsters carry out their illegitimate business activities via social media platforms like Facebook and whatsapp luring young Nigerians to invest as low as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours. Read more