The Cross River Ponzi Scheme has reportedly left hundreds of residents counting their losses after another suspected investment platform allegedly collapsed, wiping out millions of naira invested by victims.
According to Vanguard, many residents said they were attracted to the scheme with promises of high returns within a short period. However, the platform reportedly became inaccessible after collecting large sums of money from investors.
Victims of the Cross River Ponzi Scheme said they invested their savings, borrowed funds, and business capital, hoping to earn quick profits before the platform suddenly stopped processing withdrawals.
Some affected residents described the incident as devastating, saying they lost money meant for school fees, rent, business expansion, and other family needs.
The latest Cross River Ponzi Scheme has sparked renewed concerns over the growing number of fraudulent investment platforms targeting unsuspecting Nigerians with unrealistic promises of huge financial returns.
Residents have called on security agencies and financial regulators to investigate the operators behind the scheme, recover stolen funds where possible, and prosecute those responsible.
