Top Earners Market Limited, an investment company and owners of African Consolidated Exchange, has actually been implicated of stopping working to pay returns because September 2021, leaving investors groaning with pain, according to SaharaReporters.

The company, which was registered in Seychelles and established by Ian Mvula, a South African, who is an expert in stocks, forex, crypto and products, is stated to have been ‘dribbling’ curious investors in Nigeria since September and had failed to offer any concrete factor for its inability to pay ROI.

According to findings by SaharaReporters, persons who put their money in the business’s operations have either been obstructed on ACEX’s social media platforms or threatened to be dealt with each time they asked questions about their financial investments.

A Nigerian man called Michael Olugbenga, who informed SaharaReporters that he was introduced to ACEX by his wife, divulged that he was only paid dividends in July 2021 when he invested N160,000 in the firm’s operations and the following month, August, before things failed.

He revealed that efforts by investors like him to get ROI ever since, which is normally N50,000 month-to-month, had been useless as ACEX had likewise declined to permit them withdraw their initial deposit.

Olugbenga further specified that there were hundreds of thousands of Nigerians whose funds had been caught in ACEX.

“This investment platform has been having fun with financiers’ rights? We made financial investment with them and they have refused to pay us our ROI given that September 2021 and they have actually been postponing withdrawal through vain pledges.

“It was previously called Top Earners Africa and Top Earners Market but was later altered to African Consolidated Exchange. The migration was provided for practically 6 months and withdrawal of ROI was done last in August 2021. Since then, they have actually been postponing withdrawal through vain pledges which look like a hold-up method.

“They promised that withdrawal would take place last month however later on stated confirmation must be done. This was delayed to February which I know is a lie.

“When any investor complains on their social pages, they are obstructed and the comments deleted.

“They are based in Kenya without any visible workplace. It’s an online financial investment platform which trades on various services like force, property, cryptocurrency, etc”

I was paid dividends two times before the issue arose. My sibling likewise gathered twice but my partner’s associate has actually not gotten anything at all, he wanted to utilize the money for his children’s school costs.

“Since September 2021, payment or withdrawal has actually stopped till now. They promised this month however it’s unsure.

“Investors in Nigeria are lots of and many are defenseless and indebted. Some individuals invested millions. Whatever is gone now,” he said.

Another financier, who consulted with SaharaReporters on Friday, Margret Ekam, disclosed that she put in N300,000 into ACEX’s operations and was now fretted about the fate of her money.

“A good friend introduced the investment platform to me. I also got dividends for some time before the company began developing reasons last September.

“I am actually concerned due to the fact that it was my entire cost savings that I take into the plan, intending to get some excellent go back to start a company I have been planning to do.

“Each time I have actually complained on their social media page, they erase my comments and threaten stiff sanctions. I am confused at what they are truly driving at. I actually hope that they keep their word and pay us our money,” Ekam stated.

Head of ACEX’s Marketing Unit, Mr Sylvester Awojide, had yet to offer any reaction when gotten in touch with by SaharaReporters over the issue on Friday.

This is not the very first time that business individuals promising massive returns on investments would be running away with funds belonging to members of the general public– the latest merely contributes to a long list of such deceptive acts by conmen often assisted by effective Nigerians.

In May 2021, the Economic and Financial Crimes Commission arrested one Amos Olaniyan for using DHIL Nigeria Limited to supposedly defraud individuals of over N128 million through a dubious financial investment scheme.

In September 2021, 24-year-old Adewale Jayeoba of Wales Kingdom Capital Limited, was declared desired by the EFCC for allegedly defrauding unwary victims to the tune of N935 million.

Between October 2020 and August 2021, Nigerians were fleeced of over N12 billion by about 10 Ponzi schemes promising outrageous rois, according to data gotten from the site of the EFCC.

This is aside from the over N18 billion Nigerians lost to the infamous Mavrodi Mundial Movement (MMM) in between 2015 and 2016.

In spite of several petitions to anti-graft agencies in Nigeria, very few criminals of these crimes have been punished for the frauds.

ToriNG