Nigerians Share Heartbreaking Experiences With Ponzi Schemes


Nigerians Share Heartbreaking Experiences With Ponzi SchemesA finance question posed by a financial analyst simply identified as Kalu Aja has spurred many Nigerians to share their heartbreaking experiences with various Ponzi schemes.

Ponzi scheme is a form of fraud that lures investors with attracting promises, pays profits to earlier investors with funds from more recent investors. This is similar to a pyramid scheme that is solely dependent on funds from new investors.

The scheme leads victims to believe that profits are coming from legitimate business activity, and they remain unaware that other investors are the source of funds.

One of the most popular ones in Nigeria was called MMM was an online investment scheme in 2016 that promised 30% interest to investors. Many had invested their hard-earned money with the hope of making high returns. The scheme, however, eventually crashed, causing many investors endless nightmares.

Before and after MMM, many other Ponzi scheme platforms have been introduced and several Nigerians have fallen victim.

In an attempt to examine their experiences, the finance coach via his Twitter handle @FinPlanKaluAja1 on Sunday asked a question which reads;

If you have been duped or your money stolen by an “investment” “Ponzi” scheme

Reply here.

Name the Instution.

Responding the question, many Nigerians flooded his comment section with various experiences that will leave you shocked and sad.

Take a look at some of the comments below;

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