Social media get-rich-quick scam exposed

Nigerian authorities say they are working to shut down a fraudulent online investment scheme called Loom Money Nigeria that is particularly popular with young people.

Victims of the investment scam make an upfront payment than can range from $3 to $40 (£31).

The scheme is operated through closed social media groups, mainly Facebook and Whatsapp, and promises as much as eight times return on investment within 48 hours of payment.

Nigeria’s Securities and Exchange Commission says the people running the scam have not yet been identified.

It is also not clear how many people have fallen prey to the fraudulent investment initiative or how much money has been lost.


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