A woman, who identified herself as Mabel, Sunday, told THE WHISTLER that she almost lost about N2m to a music ponzi scheme she identified as XM Future Music Group.
According to her, she was lured to invest in the group by her trading colleague who claimed to have been getting 100% monthly returns from the platform. She said, “I was not interested from the beginning, but my colleague continued to tell me how much he was making every month. I was still reluctant. Then the group started doing promo. There is a package that one can get up to N700, 000 by simply getting five persons to register. They also introduced upgrades. I told my husband that I wanted to enrol. Then I had planned to put N2m into it. My husband told me to wait. About two days ago, I started getting news that the platform had collapsed; and that even the office of the group has been abandoned at Nsukka.”
Not many were as lucky as Mabel. Lucky Ogbodo said he invested N500, 000 in the scheme. According to him, “I live in Enugu, and my friend at Nsukka told me about it. My friend truly cashed out what he invested and made gains. I wanted to start little, but was told about an upgrade and more gains. We were promised 100% return on our investment in thirty days. I invested less than a week ago. I kept doing what they told us to be doing.
“When I checked the site two days ago, it showed white. It was unusual. I made calls and everybody I called was as confused as I was. I heard that many investors went to their office, located opposite UNN gate, and behold, they had gone; only their chairs and a television set were seen.”
He said while he lost about N500, 000, there were hundreds of other people that invested in millions. “Many have lost much. Again, another MMM experience has happened. I am ashamed of myself. I lost a lot during MMM. This time, I wanted to cash out before the collapse, but I have been captured. It’s too bad. My friend and his wife invested over N3m after they made gains from their initial investment.”
Checks by our correspondent show that the scheme started with an entry package of N21,600, and later jumped higher with promises of payouts to the tune of hundreds of millions of naira. The task requires investors to stream songs and carry out simple digital activities to earn returns.
It was gathered that the platform raked in millions of naira shortly after promoting a package where a-N21m investment could rise to N327m in one month. Many of the victims, it was gathered, crowd-funded and invested; but were caught in the web.
