High Earners Market Restricted, an funding firm and homeowners of African Consolidated Change, has been accused of failing to pay returns since September 2021, leaving traders groaning with ache, in response to SaharaReporters.
The corporate, which was registered in Seychelles and based by Ian Mvula, a South African, who's an skilled in shares, overseas alternate, crypto and commodities, is alleged to have been 'dribbling' inquisitive traders in Nigeria since September and had failed to offer any concrete cause for its incapability to pay ROI.
In keeping with findings by SaharaReporters, individuals who put their cash within the firm's operations have both been blocked on ACEX's social media platforms or threatened to be handled every time they requested questions on their investments.
A Nigerian man named Michael Olugbenga, who informed SaharaReporters that he was launched to ACEX by his spouse, disclosed that he was solely paid dividends in July 2021 when he invested N160,000 within the agency's operations and the next month, August, earlier than issues went flawed.
He disclosed that efforts by traders like him to get ROI since then, which is normally N50,000 month-to-month, had been fruitless as ACEX had additionally refused to permit them withdraw their preliminary deposit.
Olugbenga additional acknowledged that there have been tons of of hundreds of Nigerians whose funds had been trapped in ACEX.
"Investors in Nigeria are many and most are helpless and indebted. Some people invested millions. Everything is gone now," he stated.
One other investor, who spoke with SaharaReporters on Friday, Margret Ekam, disclosed that she put in N300,000 into ACEX's operations and was now fearful in regards to the destiny of her cash.
"Each time I have complained on their social media page, they delete my comments and threaten stiff sanctions. I am confused at what they are really driving at. I really hope that they keep their word and pay us our money," Ekam stated.
Head of ACEX's Advertising Unit, Mr Sylvester Awojide, had but to supply any response when contacted by SaharaReporters over the problem on Friday.
This isn't the primary time that enterprise folks promising huge returns on investments could be operating away with funds belonging to members of the general public -the most recent merely provides to a protracted checklist of such fraudulent acts by conmen typically aided by highly effective Nigerians.
As an illustration, in Might 2021, the Financial and Monetary Crimes Fee arrested one Amos Olaniyan for utilizing DHIL Nigeria Restricted to allegedly defraud folks of over N128 million via a shady funding scheme.
In September 2021, 24-year-old Adewale Jayeoba of Wales Kingdom Capital Restricted, was declared needed by the EFCC for allegedly defrauding unsuspecting victims to the tune of N935 million.
Between October 2020 and August 2021, Nigerians had been fleeced of over N12 billion by about 10 Ponzi schemes promising outrageous returns on investments, in response to information obtained from the web site of the EFCC.
That is except for the over N18 billion Nigerians misplaced to the notorious Mavrodi Mundial Motion (MMM) between 2015 and 2016.
Regardless of a number of petitions to anti-graft businesses in Nigeria, not many perpetrators of those crimes have been punished for the frauds.