Traders protest N600m loss to Ponzi scheme

A businesswoman known as Chinyere Emeka-Atu has been accused of defrauding traders and market women of over N600m in Lagos State.

It was gathered that the woman used her company, Family Food Support Association, to summon unsuspecting members of the public, including petty traders, to part away with N9,000 every month to get a higher return on their investments.

The victims were allegedly promised a return of N200,000 cash and N90,000 worth of foodstuffs after nine months of investments in the association’s scheme.

Emeka-Atu started defaulting in the payment of the promised money and donation of food items to those who invested in the scheme.

The situation was said to have created uproar, as some of the aggrieved victims reported the matter to the police and she was arraigned before a Tinubu Magistrate’s Court on April 12, 2022.

Meanwhile, the aggrieved traders, who were outside the court with different placards, demanded a refund of their money.

One of them, Francisca Usondu, said she joined the scheme in September 2020, adding that over 4000 members had yet to be settled in her group, tagged the Yellow Team.



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