Ponzi scheme: Nigerians in tears as another online investment platform crashes

Another online investment platform identified as “XM Future Music Group” has reportedly collapsed, leaving many Nigerian users unable to access their funds amid growing concerns over fraudulent investment schemes.
The platform, popularly known as “XM,” allegedly promised subscribers returns of up to 100 per cent within 30 days through what it described as music streaming and digital task activities.
Promoters of the scheme claimed users could earn money by listening to music and carrying out simple online engagements.
Subscription packages reportedly ranged from N21,600 to as much as N93 million, with assurances of massive financial returns.
The platform attracted widespread atten...