EFCC Wanted Notice for Crypto Fraudsters as SEC Warns Against Tofro.com
The Economic and Exchange Commission (SEC) has issued a wanted notice for eight individuals linked to an alleged fraudulent operation via Crypto Bridge Exchange (CBEX). Meanwhile, the Securities and Exchange Commission (SEC) has warned the public against investing in Tofro.com, labeling it a potentially fraudulent crypto trading operation.
The SEC has clarified that registration with the Corporate Affairs Commission (CAC) or the Special Control Unit Against Money Laundering (SCUML) does not legitimize an investment scheme or authorize it to solicit funds from the public. In the case of Tofro, the platform exhibits classic Ponzi scheme traits, such as offering unusually high returns and depending on referrals for payouts. Furthermore, the company behind the CBEX platform, CBEX Trade Limited, has been identified by the SEC as an unauthorized and likely fraudulent crypto investment scheme.
Investors are advised to verify any platform's registration status on the SEC's official website before investing. The SEC and EFCC have intensified efforts to crack down on Ponzi schemes, including blacklisting suspicious investment platforms and launching public awareness campaigns. Tofro is not authorized to operate in the Nigerian capital market, lacking necessary regulatory approval and legal backing to solicit investments.
The EFCC's wanted notice and the SEC's warning highlight the growing concern over fraudulent investment schemes in Nigeria. Investors are urged to exercise caution and verify the legitimacy of any investment platform before parting with their funds. The authorities' crackdown on Ponzi schemes aims to protect investors and maintain market integrity.
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