Ponzi scheme: Nigerians in tears as another online investment platform crashes

Another online concern level identified arsenic “XM Future Music Group” has reportedly collapsed, leaving galore Nigerian users incapable to entree their funds amid increasing concerns implicit fraudulent concern schemes.

The platform, popularly known arsenic “XM,” allegedly promised subscribers returns of up to 100 per cent wrong 30 days done what it described arsenic euphony streaming and integer task activities.

Promoters of the strategy claimed users could gain wealth by listening to euphony and carrying retired elemental online engagements.

Subscription packages reportedly ranged from N21,600 to arsenic overmuch arsenic N93 million, with assurances of monolithic fiscal returns.

The level attracted wide attraction aft advertisements circulated online claiming that an concern of N21 cardinal could make returns of astir N327 cardinal wrong 1 month.

Users were besides reportedly required to wage what the level described arsenic a “work deposit” aft an archetypal proceedings signifier earlier gaining afloat participat...