Police caution public over shady businesses

The Zone one Headquarters of Nigerian Police Kano has cautioned investors and the general public against patronizing shady businesses with superficial high yielding returns. A statement signed by the Zonal Police Public Relations Officer (ZPPRO), SP Sambo M. Sokoto, said that the warning was necessary due to the rise in business trends of “ponzi schemes” […]

The Zone one Headquarters of Nigerian Police Kano has cautioned investors and the general public against patronizing shady businesses with superficial high yielding returns.

A statement signed by the Zonal Police Public Relations Officer (ZPPRO), SP Sambo M. Sokoto, said that the warning was necessary due to the rise in business trends of “ponzi schemes” with high yielding returns under different business names.

“At initial stage, the business seems to be successful but always collapses because it is unsustainable,” the statement read in part, adding that such businesses included Swiss gold, bit coin, MMM and forex among others.

SP Sokoto said the office of the AIG was overwhelmed with complaints from innocent investors who were mostly women and who lost money running into billions of naira.

“The AIG’s office therefore enjoin the general public to be cautious while investing their hard-earned wealth to avoid falling victims to such scams,” the ZPPRO said.