Economic and Financial Crimes Commission (EFCC) has commenced investigations into a suspected Ponzi scheme operated by a purported real estate firm which allegedly defrauded more than 4,000 Nigerians of billions of naira.

EFCC
The scheme, which ran under the name EMAAR, reportedly used fintech payment platforms including Moniepoint to collect deposits from unsuspecting investors.
Victims were promised high returns from supposed property deals and digital investments, but the company had no traceable offices or legitimate operations.
Read Also: EFCC Warns Against Glorifying Convicted Corrupt Individuals
Preliminary findings indicate that the promoters of the scheme adopted referral-based recruitment similar to the collapsed CBEX investment fraud, which trapped over 600,000 Nigerians earlier this year.
Many victims of the new scheme were already reeling from losses in CBEX and sought fresh opportunities to recover funds.
According to EFCC sources, the firm disguised itself as a real estate investment company but functioned entirely online, exploiting the credibility of fintech platforms to attract deposits.
The Commission has warned Nigerians to exercise caution and verify the legitimacy of investment opportunities before committing funds.
Read Also: BREAKING: EFCC Arrests Former Anambra Governor Chris Ngige in Abuja
Security and financial regulators are collaborating to track the masterminds of the scheme and recover assets where possible.
The EFCC reiterated that high-return offers without transparency remain a red flag for fraud.
![]()























































