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Beware! Claden Label Investment Platform offering juicy returns on Facebook in Nigeria likely a scam

IN SHORT: A Facebook account is inviting users to invest in Claden Label Investment Platform and double their returns in as little as 20 minutes. But there are several red flags that it’s a scam.

A Facebook post encourages users to grow their money through a “newly launched” investment platform. 

The post, dated 17 October 2023, reads: “There is this platform my friend just introduced me to It is called CLADEN LABEL INVESTMENT. So I decided to give it a try with a 100k for a start since it's neither big or small when I lost but to my greatest surprise I was credited double of 200k within 20 minutes time after payment.”.

The poorly written post urges users to engage via a WhatsApp link. It also shared a screenshot of a transaction receipt for N200,000. 

Several Facebook accounts have posted identical messages here, here, here, here, here, here and here

But could this enterprise double your investment?

Claden Label investment scam

Could this claim be true? We checked

Africa Check investigated the truthfulness of the claims in a number of ways. 

The Facebook posts tell potential investors to reach out to “admin” on WhatsApp. But when we did, the account was in the name “KOLA PHILLIPS”, rather than anything like “Claden Label Investment Platform”. This was the first red flag.

The WhatsApp account showed a photo of an unidentified man, with no details of the nature of the business done. This is unusual for a WhatsApp business account, where a company can add details about their services. 

We started a conversation that led to “Kola Phillips” promising to double our investment within 20 minutes. This was another red flag, as it is a tactic often used by scammers to steal users’ personal information.

When we searched for the investment platform online we found only a suspicious Instagram account, with 121 followers and 24 posts. One of the posts was a screenshot of a First Bank transaction receipt for N156,000. The account also shared another WhatsApp number which turned out to be invalid. 

Finally, Africa Check searched Nigeria's business registry, to see if the Claden Label Investment Platform was registered, but came up empty.

Nigeria's Securities and Exchange Commission has warned Nigerians against putting their funds in unregistered investment platforms.

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