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Nigerian Financial Crime Regulator Seeks Public Help To Locate Crypto Scam Mastermind

The Economic and Financial Crimes Commission of Nigeria is looking for public’s support in locating the mastermind behind the Inksnation digital currency scam, Omotade Sparks Amos Sewanu. As per a notice published in the local Nigerian media recently, the financial regulator needs Sewanu to reply to deception charges connected to Inksnation’s supposed virtual currency- Pinkoin.

Crypto Scam & Coronavirus

It is to be noted that the Inksnation con, which grew in traction just before the initiation of lockdown limitations, has tricked many Nigerians with its promise of a lifetime income. As per the scam, interested investors are asked to choose from 5 diverse investment packages with each package promising a dissimilar monthly salary.

Nevertheless, as per information on Inksnation website, all salary payments are in the form of the Pinkoin cryptocurrency. Additionally, the virtual currency is not listed on any digital asset exchange in Nigeria, consequently giving rise to queries about its liquidation.

Nigerian Crypto Scam & Use of Social Media

Notwithstanding this, the scammers continue to upload testimonials on social media of some Pinkoin investors who assert that they are getting the monthly salaries as per the alleged promise of the scammers.

The use of testimonials is a common approach used by several Ponzi schemes. They are planned to blunt rip-off accusations and to deceive naive depositors.

What do you think about the above development? Let us know in the comments below!