By Ginika Okoye

Some victims of Ponzi schemes have lamented their losses on their investment worth billions of Naira.

Some of the victims, who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, also appealed to the Securities and Exchange Commission (SEC) to step up actions against the schemes by fishing out and stopping them early before they achieve their dubious aim.

They also advised citizens against investing in the platforms, saying their operations were filled with cruelty and criminality.

Mr Ikenna Osuoha, a victim of one of the schemes, said he was swindled of his hard earned money of more than N700,000.

Osuoha alleged that some operatives of the scheme known as ‘e-wet connect’ had threatened him when he confronted them with his reports to SEC and the Economic and Financial Crimes Commission (EFCC).

He said that the company was still going around organising seminars and workshops for citizens in states.

“I want to use this medium to alert Nigerians of illicit operation of some Ponzi schemes which I am a victim of.

“I have been swindled of my hard-earned money amounting to over N700,000 and my wife over N100,000 which was part of our children’s school fees.

“When I was prospective, I tried and I got some money, I invested N120,000 and I got N240,000 but I never knew it was a bait.

“I continued and invested more money.

“What I want Nigerians to know is that these people operating these schemes are so hardened, cruel, criminalised to the extent that they were telling me to look for 50 per cent of what I am expecting again to bring more money to them.

“With impunity, they are threatening me and saying that all the security agencies are under their control,” he said.

Osuoha called on SEC to investigate and burst the scheme because they are swindling innocent Nigerians.

“I am also calling on Nigerians to beware of such schemes as their modus operandi is to organise seminars, workshops,” he said.

Mr Emmanuel Atuma, a victim of the recent Crypto Bridge Exchange (CBEX), said he lost 300 dollars to the scheme.

Atuma, who wondered why CBEX resumed its operations, called on SEC and the necessary regulatory actions to take decisive steps toward bringing the operators to book

He said that bringing CBEX operators to book would serve as a deterrent to those planning to lure people into the scheme.

“The Investment and Securities Tribunal must ensure they facilitate the judgment of any Ponzi scheme case brought before it so that others will learn,” he said.

Mrs Elizabeth Okechukwu, a victim of the Mavrodi, Mavrodi, and Melnikova (MMM) Ponzi scheme, said that citizens fell prey to the scheme due to greed and undue quest for money.

Okechukwu advised citizens to quit money doubling mind-set and work for their monies.

Ms Osaro Musa, a business lady, said she invested her trade settlement money in a Ponzi scheme thinking it would double so that she could use it to start up her own business.

“These people are so heartless. They collected my money and promised to double the N100,000 I got from my Madam after serving her for six years.

“It was so frustrating that I had to do so many things to replace the money,” she said.

Meanwhile, SEC had vowed to take decisive action against illegal fund operators and prosecute those who refused to stop their fraudulent activities.

Ms Frana Chukwuogor, the Commission’s Executive Commissioner, Legal and Enforcement said “we want to saturate everywhere, saturation is my favourite word, it means that there will be no room to do anything more.