A new Ponzi scheme disguised as a real estate investment has defrauded over 4,000 Nigerians just months after the CBEX collapse. Victims told Saturday PUNCH they were lured into the EMAAR platform, which promised high returns within 10 days before crashing on October 27.
The scheme operated through multiple Telegram groups and fintech accounts, with no verifiable registration records. “There was no sign that they were about to fold up,” one victim said.
Investors across Kaduna, Rivers, Plateau and other states reported losing amounts ranging from N40,000 to nearly N2m. Some said operators demanded an extra N10,000 before disappearing and deleting their online accounts.
The EFCC urged victims to submit petitions to enable an investigation, while fintechs said only formal complaints and court orders could trigger account freezes. Analysts blamed desperation, poor vigilance and weak regulation for the recurring fraud.