Panic has spread among investors following the alleged collapse of an online investment platform known as “XM Future Music Group”, leaving many Nigerians unable to access their funds amid growing fears of another failed Ponzi scheme.
Users of the platform alleged that withdrawals suddenly stopped in the last 24 hours, while support groups were either muted or deleted and the website became inaccessible.
The platform, popularly known as “XM”, reportedly promised subscribers returns of up to 100 per cent within 30 days through a scheme that claimed users could earn money by listening to music and completing online tasks.
Reports indicated that subscription packages ranged from N21,600 to as high as N93 million, with promoters allegedly advertising extraordinary returns, including claims that a N21 million investment could generate N327 million within one month.
To gain full access to the scheme, users were also reportedly required to pay a “work deposit” after an initial trial period.
Amid the outrage trailing the collapse, some aggrieved investors were reportedly captured looting items from one of the company’s offices in Badagry, Lagos State.
According to a post on X by user Mazi okwuoma, identified as @MaziEzike_Nedu, angry victims allegedly ransacked the company’s office in Apa, Badagry, carting away office equipment after realising their investments were gone.
“Desperate investors carted away office equipment including generators, chairs, fans, and televisions, stripping the abandoned premises entirely empty after realizing their funds were gone,” the post read.
