Man Invests N750,000 in Ponzi Scheme, Loses Money Belonging To His Family Members

• A Nigerian man has shared the story of one of his friends who fell for the gimmicks used by Ponzi schemes
• The man said his friend had just collected N750,000 paid as rent on his father's property, and he put the money in a Ponzi scheme
• He was hoping that the N750,000 would be doubled, but instead, the Mavrodi Mundial Moneybox (MMM) crashed and trapped the funds

A Nigerian man who invested N750,000 in a Ponzi scheme was left in tears because he lost the money.

According to a story circulating on social media, the man collected the money as house rent on his father's property.

The N750,000 was supposed to be shared equally among his siblings, but he decided to put it in Mavrodi Mundial Moneybox (MMM).

Unfortunately for him, MMM crashed and trapped the funds. X user, Opeyemi Babalola, who shared the story, said the investor was his friend.

Read also

Man who correctly predicted crash of Cbex said people laughed at him after he sounded alarm

The story goes:

"I remember the guy I advised not to invest in MMM back then. He went behind me to invest N750k. The money is the rent from their father's property that must be shared among his siblings. Fortunately, MMM crashed, & he lost the money. I know if JJJ comes tomorrow, he will invest.

"I noticed how he became uncomfortable when the news broke out that MMM had crashed. When I was making jest of others who invested in the ponzi, he was not happy, so I asked if he later invested in the scheme, and he said yes. N750k! I laughed so hard."

Why Nigerians fall for Ponzi schemes

Speaking to Legit.ng on the topic, Emperor YRN, a tech influencer who issued a warning against Cbex, said many people are desperate to make quick money.

He said:

"Desperation, lack of financial education, and the desire for quick wealth. Many Nigerians are financially excluded and see these schemes as a shortcut. When trusted influencers or friends validate them, people rarely do their own due diligence."

Read also

Man reportedly withdraws his $40,000 from Cbex but loads it again shortly before it crashed

See the post below:

Reactions as man loses money in Ponzi scheme

@efeoghene4god said:

"I don't put my money into anything I can't control."

@Eniolaolq said:

"My friend wanted to do it after we warned her. That same weekend she made the transfer, the transaction failed and was given 24 working hours, on Monday she went to the bank and had to wait for few more days, that week MMM crashed. She was just shouting Thank God oo."

@theboyisgreat said:

"People like us, na when everything don scatter we dey hear about them."

@DavidGeo14 said:

"Me and him will not quarrel, I no go quarrel am for anything. We will just counterbalance from the subsequent collections."

@theoriccy said:

"E get one babe dat has been on my neck on CBEX. Her worry was so much dat I told her. To use my details invest, cash out from the first withdrawal. We nor talk about it again."

Read also

Woman storms Cbex office in tears, shares how she invested money she made while struggling in Libya

Investors reportedly storm Cbex office in Ibadan

Earlier, Legit.ng reported that a group of angry investors had reportedly stormed an office said to belong to Cbex in Ibadan to express their grievances.

A video circulating online has it that the investors lost their money in the alleged Ponzi scheme and they wanted to recover their funds.

The video showed some people carrying furniture, said to have been taken from the Cbex office in revenge for the crash of the platform.

Source: Legit.ng