The Economic and Organised Crime Office, EOCO, is warning the public against the new investment online called Loom.
EOCO says it is a “scam” and “the general public is cautioned to desist from investing and patronizing the Loom.”
“Anyone who transacts business with the Loom does it at their own risk,” EOCO further warned.
“The Economic and Organised Crime Office in line with its mandate to prevent and detect organised crime will continue to monitor developments with online investments with the view to ensure that citizens are protected from scammers and fraudsters.”
Loom is a peer-to-peer scheme which involves people being invited to invest as little as GHC20 with the promise of a return eight times its value within a short period of time.
It was first discovered in the UK and it is now circulating across the globe with different names such as “loom circle” or “fractal mandala” or “Loom Money Nigeria.”
The scheme is targeted at a younger demographic of victims who are willing to part away with money on cyberspace, according to EOCO.