The Chief Executive Officer (CEO), of MBA Capital and Trading Limited, Maxwell Odum, has reportedly been bolted after his company has allegedly scammed investors, numbering 52, a huge amount of money worth over One Hundred and Twenty-Two Million Naira (N122m).
According to The Punch, the investors being scammed by the alleged fraud inflicted by a Lagos based forex training and capital firm are concerned over the non-payment of their dividend, capital and the vanishing of the CEO of the company.
The 52 investors, said the total amount they were defrauded of was N122,510,000, noting that the company closed on December 22, 2020, for the festive season but has never resumed back since then.
Speaking to Punch Metro, one of the victims, Paul Smith, said he invested N48 Million in a scheme promoted by the forex company owing to the promise that he would be getting a 15 per cent return on investment every month, but all ended up being false.
He disclosed that he and other investors petitioned the Special Fraud Unit, Ikoyi, on June 6, 2021. He added that more victims had also come out to speak on the alleged scam, bringing the total to over 70.
Smith stressed that the last time he heard from the firm was in February when he got an email from them, telling him that their capital would be refunded. He added that he invested N48m and he has been down since.
“Odum has over N120bn of people’s funds with him and I know over 70 victims,” he said.
Speaking further, Smith revealed that he was convinced to join the scheme when he saw the size of the office and their operations. He stressed that the company has a lot of workers, has offices at Admiralty Way, Lekki, and Allen Avenue, Ikeja, adding the company has over 40 staff members at Lekki and it was operating normally before now.
“The office was shut on December 22, 2020, with an assumption that it was the festive season break. They promised to resume on January 4, 2021, but they didn’t. We cannot reach their CEO anymore. All the offices are under lock and key. We have petitioned the Special Fraud Unit, Ikoyi, which has assured us that the case will be investigated,” he said.
Misan Sagay, another investor, said she was introduced to the investment firm by her brother. She disclosed that she invested all her savings of N3 Million, but did not get any dividend before the company closed down.
She added that before she invested, she checked them online and saw that they were registered with the Securities and Exchange Commission, but she’s now hearing that it was a part registration.
Speaking further, she revealed that her brother invested N1m in August and he got his first dividend in October and that was the last he got. She added:
“They promised to pay us our capital in January, but we haven’t seen anything. I want the police to help us fish out the CEO; he should be prosecuted.”
Uchenna Ihejirika also told Punch Metro that he learnt about the scheme through his friend, who invested N5m with the company. He stressed that he felt safe because his friend that introduced him to the investment firm and Odum attend the same church.
He added that he had already received two dividends before the CEO allegedly fled, adding that he had learnt his lesson but that he wanted his money. He added:
“I need my capital. I’m not even concerned about the RoI. This country is all about scam. I just want my capital back. I’ve learnt my lesson.”