The Economic and Organized Crime Office (EOCO) has cautioned the general public to desist from investing and patronizing the new trend of “susu” investment online called LOOM.
In a statement issued on Friday 14th June 2019, the statutory body explained that there is no actual product emanating from the scheme and is only beneficial for people who get in early because everyone else pays up the chain. The office described LOOM as just a pyramid scheme disguised as something new.
EOCO further stated that the scheme is targeted at younger demographic of victims who are willing to part away with money on cyberspace. The statement also contains a brief account of the scheme’s origin and how it operates.
On 11th June 2019, The Security and Exchange Commission (SEC) also cautioned the public that the Loom is not licensed to operate in the capital market.
Read EOCO’s full news release below: