The disappearance of Maxwell Odum, the Chief Executive Officer of Lagos-based forex training and capital investment company, MBA Capital and Trading Limited has elicited worry among its investors, Checkout Magazine learnt.
As details emerge, it appears the firm was a scam set up to defraud its investors.
The investors numbering 52 said the total amount they were defrauded of was N122,510,000, adding that the company closed on December 22, 2020, for the festive season but had failed to resume since then, according to PUNCH.
One of the victims, Paul Smith, told PUNCH that he invested N48m in a scheme promoted by the firm with a promise that he would be getting 15 per cent return on investment every month, but he had been unable to get the promised dividend.
He said he and other investors petitioned the Special Fraud Unit, Ikoyi, on June 6, 2021, adding that more victims had also come out to speak on the alleged scam, bringing the total to over 70.
Smith stated, “The last email we got from the firm was in February telling us that our capital would be refunded. I invested N48m and I’ve been down since. Odum has over N120bn of people’s funds with him and I know over 70 victims.
Another victim, Misan Sagay, said her brother introduced her to the investment firm, adding that she invested all her savings of N3m, but did not receive any dividend before the company ceased to operate.
“My brother told me about them in October 2020. My first investment was in November 2020 and I have never received any return on investment. I invested N3m. I checked them online and I saw that they were registered with the Securities and Exchange Commission. Now, I’m hearing that it was a part registration.
Uchenna Ihejirika said he got to know about the scheme through his friend, who invested N5m with the company, adding that he felt safe because he, the friend and Odum attend the same church.
He confirmed that he had already received two dividends before the CEO allegedly absconded, adding that he wanted his money.