A Nigerian Rivers Investment Firm Flees With Depositors’ Funds

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AN investment company in Igwuruta, Obio/Akpor Local Government Area of Rivers State has left its customers devastated after their office was found shut on Tuesday.

This came barely two months after a popular investment company in Port Harcourt, the state capital, MBA Forex Trading and Investment Limited failed to meet up with payments running into months to thousands of residents who invested with them.

The chief executive officer of the company had released a video in January this year, explaining his challenges and inability to continue with the business, saying the company will gradually liquidate, but promised that customers would be refunded their investment capital.

It was further gathered that hundreds of investors who had hoped to cash out their earnings on Monday were disappointed.

Many of the investors, most of whom are rural folks raced to the company when news of their disappearance filtered into the community.

Some held their heads with their hands, while tears flowed freely down the cheeks of many, who expressed shock at the development, as their fate hanged in the balance.

One of the affected investors, a male, said, “I invested with N100,000 and I was supposed to cash out today. I tried to contact them, but I couldn’t. I went to their office, it was shut down.

He said, “Not only me, a lot of people were there crying and regretting ever putting in their money. Their office is at Igwuruta. I am just confused; I don’t know what to do.”

On her part, a female said she used about N150, 000 from her savings to invest in the company, hoping to make enough money to support her studies.

Financial experts and agencies of government have warned against investing in suspected Ponzi schemes, saying they operate on ‘greater fool theory’ which comes up with juicy returns within a short period of time to attract unsuspecting members of the public who they term greedy.

-PUNCH (NG)

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