The Nigerian Securities and Exchange Commission, SEC has exposed and declared Tine God Networks Limited as a Ponzi scam.
In a scam alert distributed on its website, the SEC said Tine God Networks Limited claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and also issues bonds to raise funds for its investment activities.
“The Commission hereby notifies the investing public that the operation of this Company has no tangible business model; hence it is a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission”.
“In view of the above, the general public is hereby informed that the premises of the Company have been sealed up by the Commission and depositors are advised to submit documentary details of their investments with the Company to the Commission’s Lagos Zonal Office and Port Harcourt Zonal office on or before MAY 15, 2017 to facilitate refund of their funds. Below are the addresses of the Commission’s Lagos and Port Harcourt Zonal Offices”.
The SEC has in recent times clampdown on Ponzi scam operators. However, the Commission has not been able to reach digital Ponzi scams.
Two weeks ago, MMM Nigeria announced that its has wiped away all deposits invested into the scam. The SEC had in August 2016 warned Nigerians to stay away from the scam.