Over 14,000 Nigerian investors have petitioned the Economic and Financial Crimes Commission to probe cryptocurrency firm MTS/TOFRO over an alleged N1.8tn investment scam.
Acting through their lawyer, Ebuka Nwaeze, the petitioners also urged the Securities and Exchange Commission to investigate the company’s level of compliance with capital market regulations before its alleged collapse. The petitions were received by EFCC and SEC on August 6 and 13 respectively.
Nwaeze said his clients were digital asset traders who invested in good faith, believing MTS/TOFRO to be a reputable US-registered firm. He alleged that the platform convinced users it was working to comply with SEC rules before abruptly shutting operations and closing its offices.
He asked the EFCC to trace and recover investors’ funds and prosecute those responsible, saying this would deter future fraud.
EFCC spokesperson Dele Oyewale confirmed receipt of the petition, adding that investigation into the matter has commenced.
