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The Office of Combating Organized and Economic Crime (EOCO) said that the new trend of online investment "susu" called "Loom" was only a scam.
In a statement issued by Jacqueline Avotri, head of EOCO's Public Affairs Unit, the program addresses to young demographers of victims ready to part with the money in cyberspace.
EOCO therefore asks the general public to distance themselves so as not to be threatened by the latest scam.
Read the full statement below:
The Office for Combating Organized and Economic Crime (EOCO) has for some time been monitoring the new trend in "susu" online investment called LOOM.
This is a scam and the general public is asked to refrain from investing and patronizing the loom. Therefore, anyone with business relationships with Loom does so at their own risk.
The loom encourages people to hire other people to invest money, much like a pyramid scheme. The loom is placed in a circle and each time a new person is recruited, the others are pushed closer to the center of the circle where a payment is promised to them. However, if people can not find investors and move closer to the center of the circle, the last people to invest lose their money. There is no real product from the program and is only beneficial for people who enter early because everyone pays the chain. It's just a disguised pyramidal scheme
Something new.
The program addresses the youngest members of victims who wish to part with the money on cyberspace.
"Loom" was first discovered in the UK and now circulates around the world under different names such as Loom Circle, Fractal Mandala, Blessing Loom and Loom Money Nigeria.
On June 11, 2019, the Security and Exchange Commission warned the public that the loom is not allowed to operate in the capital market.
In keeping with its mandate to prevent and detect organized crime, the Bureau for Combating Organized and Organized Crime will continue to monitor the evolution of online investments to protect citizens from fraudsters and fraudsters.
The general public is duly informed.
Sign
Jacqueline Avotri
Head / Public Affairs
For: Executive Director
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