The Financial Intelligence Agency (FIA) of Sierra Leone has issued a public warning regarding a suspected Ponzi scheme operating under the name Evfarmer Capital Limited.

The company is alleged to be presenting itself as a digital Agri-finance platform, enticing clients with promises of quick and unrealistic financial returns.

According to the FIA’s investigation, Evfarmer Capital Limited claims to facilitate agricultural transformation in Sierra Leone by connecting investors with farmers through its digital platform.

However, the agency has raised significant concerns about the legitimacy of its operations, particularly its offer to double investments within a mere 20 days. For instance, an investment of SLe 300 is purportedly promised to yield SLe 600, a model drawing comparisons to past suspected Ponzi schemes such as Super Advertis or My Coin.

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The FIA highlighted several key risk indicators associated with Evfarmer Capital Limited:

Unrealistic Returns: The promised 100% return on investment within 20 days is deemed unsustainable and characteristic of fraudulent schemes.

Unlicensed Operations: There is no evidence that the company is registered with the Corporate Affairs Commission (CAC) or licensed by the Bank of Sierra Leone.

Lack of Regulation: The FIA confirmed that Evfarmer is not regulated by any law enforcement agency. Furthermore, mobile money operators have stated they have no affiliation or business relationship with Evfarmer Capital Limited, indicating the company is not authorized to use their platforms.

The FIA is urging the public to exercise extreme caution and to verify the legitimate registration of any entity offering investment opportunities with competent authorities, in accordance with Sierra Leonean law.

The agency advises anyone who suspects involvement in an illegal or fraudulent scheme to contact law enforcement immediately.