Nigeria: Scam Alert! Ignore Facebook Posts Promoting Cash Chain Investment Platform, Offering Huge Returns in Nigeria

7 July 2023
Africa Check (Johannesburg)
analysis By Muktar Balogun

IN SHORT: Facebook posts promoting Cash Chain investment and its 'wonderful' benefits are out to scam you. Do not fall for promises of huge and quick returns.

"CASH CHAIN INVESTMENT, IT'S REAL AND Legit...INVEST, MESSAGE THE ADMIN THROUGH THE WHATSAPP BUTTON ON THIS PAGE.," reads a post on Facebook in Nigeria, dated 1 July 2023.

The post includes a list of investment plans for students and business owners, promising to double their money.

The text is accompanied by a video that has been viewed over 150 times and a WhatsApp link for further engagement.

The same video has been seen by over 22,000 users in another post by the account.

We also found similar posts here, here, here, here, here, here, here, here, here, here, here, here, here, and here.

But can Cash Chain investment really double your money?

Just another investment scam

This post is one of many on Facebook claiming to help Nigerians with money doubling investments. They usually use similar patterns to scam people.

Africa Check recently debunked a similar investment scheme, which also asked Nigerians to invest and receive profit within an hour.

The post in question is poorly written with random capitalisation and punctuation mistakes, which is uncharacteristic of a credible investment company.

The page also has no followers while other pages with similar content have few followers.

Africa Check found another Facebook post with a video of popular Nollywood actor, Charles Inojie, advertising Cash Chain investment.

A similar post about Bold Gains investment used another Nollywood actor to promote the platform.

Featuring celebrities in their posts is one of the methods scammers use to entice users on Facebook.

A call out

Africa Check found a post on a popular Nigerian online forum, Nairaland, on Cash Chain being a scam. In the 2021 post, the author says scammers use several websites, pretending to be forex traders, to get your personal information.

"Take caution as they are very organized with information and have a ready-made process to steal your money. If you are ever tempted to respond and give them a try, then it's going to be an endless scam activity," the author says.

Cash Chain investment has no standard website or physical address for its offices, making it an untrustworthy business.

To help protect yourself against online scams, read our guide to Facebook scams and how to spot them.

Read the original story, with links and other resources.
Africa Check is a non-partisan organisation which promotes accuracy in public debate and in the media. Twitter @AfricaCheck and www.africacheck.org

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