Afriq JM Arbitrage owned by a Nigerian identified as Jesem Michael Ubi has crashed with millions of investors money.
Afriq JM Arbitrage which has drawn so much popularity lately claims to be giving
a monthly ROI of 63.5% to investors.
The platform also claims to offer investors a chance to make huge profits through crypto trading.
However, just three months after it was launched, investors are crying bitterly and described it as another Ponzi scheme which has disappeared with millions of investors money.
Speaking with our correspondent, one of the top investors said he regreted investing his money into the platform.
According to him, “since April, the owner shutdown the website. We cannot withdraw our ROI or even our capital”.
“He asked us to give him 30 days to work on the website but just when the 30 days will end on 15th May, he has asked us to give him another 30 days for another maintenance”.
“We know it has crashed but he should just allow us to withdraw our capital”.
Another investor who identified himself as Jeremiah said he invested over 2000 dollars after being introduced by a friend that it is a genuine platform.
“Just two days after I invested my hard earned money, the ROI stopped adding. I am in serious pain because I need to pay children school fees and house rent”.
“The owner is really playing mind games with us. He doesn’t allow us to even express ourselves on the Telegram group created”.
“Once you complain on the Telegram platform or ask serious questions, you will removed immediately”.
“We are calling on the security operatives to look into this Ponzi scammers and get them arrested”.
Investigation by 9NEWS NIGERIA shows that the company claims that it is based and registered in the US, whereas its founder and all of its promoters reside in Nigeria and are Nigerians.
The platform also claims to use sophisticated trading bots to identify arbitrage opportunities.
However, there is no evidence to support these claims; it does not provide any information about how their algorithms work or backtesting.
In other words, there is no way to verify how its mind-blowing ROI is generated.
Meanwhile, efforts by 9NEWS NIGERIA to speak with the owner proved abortive as message sent to his known Facebook account was not replied as at the time of filing this report.
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