Another online investment platform identified as “XM Future Music Group” has reportedly collapsed, leaving many Nigerian users unable to access their funds amid growing concerns over fraudulent investment schemes.
The platform, popularly known as “XM,” allegedly promised subscribers returns of up to 100 per cent within 30 days through what it described as music streaming and digital task activities.
Promoters of the scheme claimed users could earn money by listening to music and carrying out simple online engagements.
Subscription packages reportedly ranged from N21,600 to as much as N93 million, with assurances of massive financial returns.
The platform attracted widespread attention after advertisements circulated online claiming that an investment of N21 million could generate returns of about N327 million within one month.
Users were also reportedly required to pay what the platform described as a “work deposit” after an initial trial phase before gaining full participation access.
However, concerns intensified after subscribers began reporting failed withdrawal attempts within the last 24 hours.
Several users also alleged that support groups linked to the platform were deleted, while the website and related channels became inaccessible, developments commonly associated with the collapse of suspected Ponzi-style schemes.
In efforts to boost credibility, promoters of the platform had circulated documents claiming the business was registered in Colorado, United States.
Despite such claims, financial analysts have repeatedly warned Nigerians against investing in online platforms offering unrealistic profits without proper regulation or transparency.
The incident has further renewed concerns over the increasing number of unregulated digital investment schemes targeting Nigerians with promises of quick and extraordinary returns.
(Daily Post)
