Nigerians have been warned to avoid some companies running fraudulent investment schemes in the country.

The warning was given by the Economic and Financial Crimes Commission, EFCC, on Monday.

The investment schemes promise quick returns and gains.

The commission said it is alarmed at the rate Nigerians send petitions to the Commission on fraudulent investments that promise high return with little risks to investors.

A statement issued by Wilson Uwujaren, Head, Media and Publicity, on Monday said this trend indicated that investment scams continued to thrive despite the enforcement and public enlightenment interventions by the Commission and other stakeholders.

The EFCC said the direct implication was that hapless citizens were losing their hard-earned money to fraudsters, compounding the nation’s economic woes.

“Many have lost, and are still losing, money to Ponzi schemes, forex trading and most recently Bitcoin trading.

“Though risk-taking is considered by some as the oxygen that drives investment decisions, the Commission wishes to warn the public against taking unmitigated risk in desperation to earn a windfall.

“Investment in Bitcoin, for instance, is a high risk activity as the terrain is largely unregulated, and prone to fraud,” it stated.

The EFCC stated that, while it would continue to investigate and prosecute persons complicit in fraudulent investment schemes, it was incumbent on the investing public to be circumspect in their investment decisions.

“Any investment that promises returns that look too good to be true should be considered a red flag.

“Nigerians are by this notice, warned to be wary of fraudulent schemes and are hereby enjoined to resist the temptation of quick gain that could end in misery. Those who ignore this advisory, do so at their own risks,” the commission said.

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