IN SHORT: A number of Facebook accounts claim that the Boldgains investment platform can double your money in no time. But be warned, they’re out to scam you.
The Facebook accounts BOLD GAIN Investment, BoldGains International Investment Limited, Bold gain investment, Boldgain investment platform and Boldgain International Ltd encourage users to grow their money through an investment platform known as Boldgains.
A typical post from the accounts reads, in part: “INVEST IN BOLDGAIN INVESTMENT INTERNATIONAL For enquiries on How To register CALL THE ADMIN DIRECTLY … This is a unique and legitimate platform that gives you double of your investment within 2hrs and I have been paid.”
Some of the posts feature videos of popular Nollywood actor Patience Ozokwor, apparently endorsing the platform.
The accounts have posted the offers here, here, here, here, here, here, here and here.
But are the accounts and their offers to be trusted? We checked.
Signs of scam
On 15 November 2022, the Foundation for Investigative Journalism, a Lagos-based news website, reported that a retiree had lost N132,000 (about US$87) to Boldgains. The foundation also investigated how the platform was scamming WhatsApp users.
We found two other people who claimed to have been scammed by Boldgains. One lost N25,000 (about $16.49) and the other lost N1.2 million (about $791).
Ozokwor has also warned social media users to be wary of scammers using her name. She told Nigeria’s Punch newspaper: “Please note that anything that sounds too good to be true is probably not true. Investigate before you invest. Check for real accounts and contacts.”
Africa Check contacted one of the accounts. We were asked for our personal information including name, mobile number and bank details. This is a red flag as such information can be used to commit a crime or for identity theft.
An investment platform that promises to double your money in a short period of time should raise suspicions. Nigeria’s anti-graft agency also urged the public to steer clear of schemes that promise unrealistic returns.
To help protect yourself against online scams, read our guide to Facebook scams and how to spot them.
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