Scammers Impersonate PiggyVest on WhatsApp, Lure Nigerians With Fake Investment Scheme
- Scammers have created a WhatsApp Group, which parades as Piggy Vest Investment, named after the popular savings and investment platform
- The WhatsApp group, which already has hundreds of members is not related to PigyVest and aims to defraud unsuspecting Nigerians
- According findings, at the heart of the group is a woman identified only as Grace, supported by two other administrators
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
A new WhatsApp group called Piggy Vest Investment has emerged, claiming it can double users’ investments within 60 minutes.
The group, which already had over 540 members at press time, is not connected to PiggyVest, the popular Nigerian savings and investment platform.
Source: Getty Images
PiggyVest confirmed that it does not run WhatsApp investment groups, has no agents dealing directly with customers via messaging apps, and never offers such unrealistic returns.
How the scam works
At the centre of the group is a woman identified only as Grace, supported by two other administrators.
Once someone joins, Grace quickly sends a direct message promising that deposits between N10,000 and N50,000 will be doubled in less than an hour.
Payments are requested via a personal FCMB account in the name of Ajakaye Rebecca.
According to a report by FIJ, victims are then sent a fake “registration confirmation” image and a screenshot mimicking an OPay account. However, no genuine registration process takes place.
Grace also uploads testimonial-style videos of individuals praising an unnamed “platform” as “real” and “paying.” None of these videos mentions PiggyVest directly. Findings traced the clips to older scams that recycled the same materials to lure investors.
Old tricks, new name
This is not the first time fraudsters have used trusted brand names to deceive Nigerians.
In 2022, a scheme known as BOLDGAINS promised investors a 100% return but left victims—including a retiree who lost N132,000—devastated.
Similarly, between 2021 and 2023, a fake initiative called CBN Helping Hands claimed to be a Central Bank poverty alleviation programme.
It promised to double investments in under two hours before the CBN publicly denied involvement.
Just like Piggy Vest Investment, these scams followed the same pattern:
- Impersonating a credible brand or institution
- Promising unrealistic returns
- Recycling old testimonial videos
- Collecting funds through personal bank accounts
What the law Says
In Nigeria, impersonating a company or using false identities to defraud people is a serious crime. The Criminal Code Act provides for up to three years in prison for personation, or up to 14 years in severe cases.
Sections 419 and 421 criminalise obtaining money by false pretence, carrying lengthy prison terms.
The Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 also addresses online fraud, with Section 22 prescribing penalties of up to seven years imprisonment, a N5 million fine, or both.
The Act further allows for seizure of assets linked to fraud and restitution for victims.
Nigerians urged to stay vigilant
With over 3.5 million customers, PiggyVest remains one of Nigeria’s most trusted fintech brands.
However, its popularity has made it a prime target for impersonators. Experts warn that Nigerians should be wary of anyone promising quick returns and should always verify offers directly on official company websites or apps.
Source: Getty Images
Scammers hack Nigerian bank, Steal N10 billion
Legit.ng earlier reported that the Federal High Court in Abuja has ordered an additional 30-day freezing of 818 bank accounts suspected of being involved in the alleged proceeds of crime from an N10 billion cyberattack on Hope Payment Service Bank.
The order, which the Inspector General of Police authorises, was granted by the court presided over by Justice James Omotosho on Monday, October 15, 2024. The court relied on a motion ex parte filed by the police.
The order, which the Inspector General of Police authorises, was granted by the court presided over by Justice James Omotosho on Monday, October 15, 2024. The court relied on a motion ex parte filed by the police.
Source: Legit.ng
