.png)
.png)
2 days ago
6
- Despite warnings from authorities agencies and fiscal regulators, Nigerians person continued to beryllium victims of Ponzi schemes, and the latest is CBEX
- Thousands of Nigerians person been shattered arsenic CBEX allegedly duped radical of N1.3 trillion aft the integer concern level reportedly crashed
- In this article, Legit.ng examines fashionable Ponzi schemes that person packed up successful the past decennary and duped Nigerians of millions of naira
CBEX, a integer concern platform, which promised 100% returns to investors wrong a 30-day clip frame, has reportedly crashed, trapping N1.3 trillion of people's funds and leaving galore Nigerians shattered.
CBEX joins an infamous increasing database of Ponzi schemes that person each operated utilizing the aforesaid modus operandi of offering mouth-watering payouts, paying retired astatine their archetypal stages earlier ending successful calamitous losses.
Source: TikTok
Ponzi schemes person continued to person a tract time successful Nigeria, despite repeated warnings from the government's regulatory and instrumentality enforcement agencies.
According to Enact Africa, Ponzi schemes person duped Nigerians of implicit US$1 cardinal (over N1 trillion) successful the past decade, with the astir infamous being MMM, which attracted implicit 3 cardinal Nigerian subscribers.
As CBEX investors lick their wounds and research ways to get back their trapped funds, Legit.ng highlights 3 fashionable Ponzi schemes that defrauded Nigerians of millions of naira aft their crash.
1. Mavrodi Mundial Moneybox (MMM)
In 2016, and ignoring the warning of the Central Bank of Nigeria, thousands of Nigerians embraced the infamous Mavrodi Mundial Moneybox (MMM)'s gospel of speedy riches - a 30% returns connected concern successful 30 days and it ended successful a devastating manner.
The level crashed successful December 2016, with its Nigerian investors losing a full of US$50 cardinal (over ₦18 billion).
Source: UGC
The US's CNN reported that MMM was the brainchild of a Russian institution liable for 1 of the world’s largest Ponzi schemes of each time.
2. MBA Forex
One would person thought galore Nigerians took a cue from the crashed MMM, but that was not the lawsuit arsenic thousands again fell for the MBA Forex Ponzi scheme, which folded successful 2021.
The MBA Trading and Capital Investment Limited, tally by Maxwell Odum and popularly called MBA FOrex, defrauded Nigerians of N213 billion.
Source: UGC
The Ponzi strategy promised 15% returns connected concern and crashed aft initially paying retired its aboriginal investors.
On December 8, 2021, the Economic and Financial Crimes (EFCC) brag declared MBA Forex's CEO wanted for an alleged lawsuit of conspiracy, obtaining money by mendacious pretence and wealth laundering to the tune of N213 billion.
3. Chinmark Group
In what was a crafty lawsuit of representation laundering, utilizing Facebook influencers and societal media, and taking vantage of people's desperation for speedy money, Chinmark Group, an concern group, appeared connected the country promising a 3% monthly instrumentality connected investment, made its mode into unsuspecting and greedy people's hearts and yet crashed.
The Ponzi strategy founded by Dr Marksman Chinedu Ijiomah near thousands of investors successful losses and unable to get back their funds contempt promises of refunds. Checks showed the radical was founded successful 2010.
Source: UGC
Dr Marksman was subsequently declared wanted for a bid of offences, including computer-related fraud, obtaining wealth nether mendacious pretences, fraudulent diversion and wealth laundering to the tune of implicit N13 billion.
Man explains however Ponzi schemes operate
Meanwhile, Legit.ng antecedently reported that a antheral had fixed a vivid mentation of how Ponzi schemes person Nigerians to put millions.
He said a Ponzi strategy is fundamentally wealth doubling. Explaining however it works, helium said, erstwhile the archetypal idiosyncratic gets their wealth doubled, they spell to denote it to different imaginable investors.
The antheral stated that the capitalist would beryllium amazed that his wealth would inactive treble again aft 30 days. The capitalist volition past put much money, having been convinced that it is simply a means for him to treble his funds.
PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!
Source: Legit.ng
