Five months after MBA trading and capital investment kissed the rugs, another investment platform, Chymall group has crashed, leaving investors or partners losing billions of naira.
An investigation by theportcitynews showed that partners have not been able to make withdrawals for months after the company upgraded their status on credit.
Chymall partners trade an imaginary Chinese health product called Quantum Energy online with a promise of 20% return on investments starting from $25.
There are also a second method of earning money through points by referrals. Cashing out are usually through cash or BTC wallets.
The partners are grouped in VIP levels one to 7 with a minimum deposit of 25 dollars.
The company owned by a Chinese had automatically upgraded the VIP status of their partners. During the upgrade, those in VIP level 1 were automatically upgraded to level 2. Those in level 2 were automatically upgraded to level 3, so were those in level 4, 5, and 6.
However, these upgrades were done on credit, hence the company takes its credit from the account holders till they complete their payments.
The investors said the upgrade led to the distortion of financial equilibrium in the platforms, forcing many to sell off their accounts.
This upgrade meant that most up-liners could not meet up with their financial obligations to their down-liners.
Recall that MBA forex crashed few weeks after the company claimed had migrated to a new payment platform.
The Central Bank of Nigeria said 125 000 investors paid in a total of 171 billion naira into the scheme.
