Nigeria’s Economic and Financial Crime Commission EFCC has warned recently in a twitter post that Racsterli, MMM, Galaxy, and Brad Crash as Ponzi schemes used to defraud unsuspecting public.
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The commission, in a Twitter post, cautioned that the public should beware of online investment schemes that promise high returns within a short space.
It stated, “Do not fall victim to these online investments. It’s a Ponzi scheme! Know that no investment gives those fantastic returns. No let Yahoo boys run your street!!!”
Racsterli, an investment platform introduced by Michael Chidiebere Oti, also known as Black Gold, broke so many hearts.
The so-called investment platform emanated after the 2020 Covid-19 crisis forced a lot of Nigerians to search for alternative investments with significant returns.
Similar to this, several other investment platforms have also been reported to allegedly scam Nigerians of their hard-earned income.