The Economic and Organised Crime Office (EOCO) has warned that the Loom money making scheme targetted at young people is a scam.
“It is a scam and the general public is cautioned to desist from investing and patronising the Loom,” the office warned in a statement.
EOCO also warned that “anyone who transacts business with the Loom does it at their own risk.”
The office assured that it will keep an eye on how the get-rich-quick scheme unravels.
“The Economic and Organised Crime Office in line with its mandate to prevent and detect organised crime will continue to monitor developments with online investmetns with the view to ensure that citizens are protected from scammers and fraudsters.”
The pyramid scheme has been appearing in newsfeeds online and circulating on social media.
The scheme has also been described as a “loom circle” or “fractal mandala” or “Loom Money Nigeria” in some other parts of the world.
The scheme asks participants to pay a sum of money up front with the promise of making a return of up to even eight times that amount.