₦airaland Forum

BlackfireX:
MMM dealt with people...


Yet junior MMM is still dealing with people....

NIGERIANS ARE GREEDY, WANTING TO HAMMER OVER NIGHT. WAS TJIS HOW DANGOTE OR BILL GATE MADE THIER MONEY?

WHY ARE POLICE INVESTIGATING THIS ISSUE? SINCE SOME NIGERIANS HAS REFUSED TO LEARN, THEY SHOULD LEAVE THEM TO BE STEWED IN THIER FOOLISHNESS AND GREED.

valentineuwakwe:
We Thought Forex Trading Would Bring Us Fortunes — N233m Fraud Victims

About 354 forex trade investors allegedly defrauded by an ex -banker , Seye Onigbinde, are currently embittered after their investments went down the drain. Some of them, who spoke with City Round on
source: https://punchng.com/we-thought-forex-trading-would-bring-us-fortunes-n233m-fraud-victims/

Fraudsters are everywhere.

Protect your money.

Amotekun777:
I think the dude isn't as bad as it seems... Just business gone wrong.

I think so too, if he was a thief, he would have disappeared into thin air with all the money. He even maintained communication with them sef.

Wow

Stuff like this, invest your capital, after payment with interest pull out your capital and invest the interest or part of the interest. Greed will make some to invest both interest and capital and even borrow to invest. Some people will never learn

That woman (one of the victims) is very greedy...

tayebest:
I have my reservation for this forex trading, sincerely. It's the shortest way to end in kirikiri and the fastest way to become a millionaire.

Forex don’t send people to kirikiri, fraud does.

It’s the shortest way to loose any amount no matter how huge(if you don’t know what you’re doing) and the shortest way to become a billionaire(if you know what you’re doing)

valentineuwakwe:
We Thought Forex Trading Would Bring Us Fortunes — N233m Fraud Victims

About 354 forex trade investors allegedly defrauded by an ex -banker , Seye Onigbinde, are currently embittered after their investments went down the drain. Some of them, who spoke with City Round on Friday , said they were convinced to put their money in the scheme, thinking it would bring fortunes. Onigbinde is being investigated by the police at the Area F Command , Ikeja , Lagos , led by ACP Akinbayo Olasoji, over a sum of N574 .2m. He allegedly obtained the sum from his unsuspecting victims while promising them a monthly interest of 20 to 30 per cent. According to the police , the suspect claimed to have paid principal and interest to the tune of N 482.3 m , remaining an outstanding of N 233. 4m.

It was gathered that the suspect operated the scheme as a business venture named Blueprint Business Development and Consulting located on Hughes Street, Alagomeji , Yaba .
The police spokesperson in the state, DSP Bala Elkana , while confirming Onigbinde’ s arrest, had said , “ He collected this money from these individuals with a promise of extraordinary gains to those willing to invest in the scheme which he claimed was built on lucrative trading in forex trading, Bitcoin and shares purchase from four international brokers .
“ This get - rich -quick scheme attracted gullible and greedy investors , who received the expected high returns. The more investors his scheme attracted , he created a business and used agents to find more and more investors . ”
Our correspondent gathered that the victims include bankers , business owners, and civil servants with individual investment ranging from N 1m to N 10m .

Some of them, who spoke with City Round and identified themselves only by their first names, said Onigbinde dashed their hopes .
A worker at a consulting firm , Oyinlade , said her current investment is N 1. 3m , adding that a friend linked her with Onigbinde in February 2019.
“ I started with N 200, 000 and I got 20 per cent interest . I reinvested all the money and added N50, 000. I got more money and reinvested. I thought it would yield a fortune and I increased it to N1. 3m in July 2019. The money was supposed to be due for payment on September 29.

“ He ( Onigbinde) contacted me in October and begged that I should give him few days . Later, he promised to pay me in October. Afterwards , he shifted it to November. He said he would spread the payments across three months. That was the last conversation we had until January when he sent me an email, stating that I should give him one year to sort himself out. ”
Another investor , Desola , who lost N2. 3m , said she was convinced to invest in the scheme having heard the success stories of some of her friends .
She recalled , “ I invested in May 2019. I was supposed to receive payments from October to January with interest. I was expecting 30 per cent interest . Together with my principal , I thought I would get something big at the end of the day .
“ When he could not pay me in October , he started making promises . The last promise he made was that he would pay me in January . It was when I read about his arrest in the newspapers that I knew have been defrauded. ”
Hassan , one of the agents working for the prime suspect, said his friend , one Victor, put N5m in the failed transactions, adding that Victor had wanted to use his principal and interest to execute a project in December 2019 .
Hassan , a bank official , said , “ Seye (Onigbinde) and I used to work at the same bank until 2016 when I joined another bank . Sometime in January 2019 , he told me he was into forex trading. He persuaded me to invest and said I would get 20 to 30 per cent interest on my principal . He also asked me to refer friends to him . I introduced a friend called Victor to him .
“ Three months later , he approached me again and I gave it a try . I first invested N200 ,000 and got 20 per cent interest at the end of the month. I then invested N 1m and got 30 per cent interest.
“ I then introduced my brother to Seye. My brother invested N 1m in June 2019. He received his principal and 30 per cent interest at the end of the month . Two months later, he invested N 2m but he didn ’t get any interest.
“ Victor initially invested N 1m . He got the interest and increased his investment to N 5m . He got the interest for some months . I sensed there was a problem with the scheme in October 2019 when he ( Seye) started delaying in paying interest.

“ I advised my brother and Victor that we should pull out of the transactions . My brother agreed and we collected our principal but Victor said he would continue . He said he had a project he wanted to use the money for in December .”
Adelaja, a businessman whose N2m was trapped, said one of Onigbinde’ s agents identified as Peace persuaded him to stake his money .
“ She convinced me and I invested N 2m . She had been telling me about the man ( Onigbinde) for some time. She said the business was very reliable. I took my time to think about it . In November, I asked her if she was sure I would get 30 per cent interest on my investment and she said yes. That was when I decided to invest . I have a strong feeling she connived with him. ”
Onigbinde declined to speak with our correspondent, claiming that he had told the police everything about the case.

source: https://punchng.com/we-thought-forex-trading-would-bring-us-fortunes-n233m-fraud-victims/

People and sharp money. That man use their brain. Oju koko ro

My challenge with all this efcc and their way of fighting crime,it will always put reasonable mind in a state of confusion, u arrested a fraudster u will seize everything he collected from his victims, their will never be any attempt to return those things to the people they defrauded, I keep asking Nigerian government and efcc who is more of a fraud? The Youths who are always on the receiving end will be the first to blame the victims because is in our DNA to blame the oppress rather than the oppressors.

Banks also trade forex with your money, they just know how to cover up losses with dead people's money.

Who do you think Forex trading was initially designed for? Banks and big corporations.

Forex didn't defraud anyone, the traders did!

Mugu fall omo ope chop up

Amotekun777:
I think the dude isn't as bad as it seems... Just business gone wrong.

He promised the investors outrageous returns (probably because he could double capital within a month).

Trades must have gone against him. They should be thankful he didn't commit suicide. FX can be quite craaazy sometimes.

And the topic title is unfair in reporting. How did the ex-banker defraud the depositors?

Tinyemeka:
He promised the investors outrageous returns (probably because he could double capital within a month).
Trades must have gone against him. They should be thankful he didn't commit suicide. FX can be quite craaazy sometimes.
And the topic title is unfair in reporting. How did the ex-banker defraud the depositors?

You're very right. It seems like he was too generous trying to please his clients at his own detriment.

naija police sef I tought it was an investment they did which there may loose or gain...the time dem gain who hear of the d money dem give d young man...i see no need for d arrest...no case in this

Iheoforlex:
With a gun you can rob a bank .. With a bank you can rob anyone.....

Your quote is smartest. This exactly what financial institutions are doing

WalkerMichael:
You mean 8.9m

89m

Amotekun777:
I think the dude isn't as bad as it seems... Just business gone wrong.

Twale baba Amo777
out of the whole comments, na u sabi pass dem. Forex is not as bad as Nigerians are painting it, its just trade gone wrong. Forex is something that can gv u millions in a twinkle of an eye, and can equally send u back to village same way.
The only problem I hv with Naija forex traders is this, they don't tell u the truth, like risk involve and money management.
And some naija traders once they start making small small dollars, their mind will be telling them that they hv arrived.
Trading is game of the mind. Infact it was when 2 guys on nairaland blew my account, that was when I started learning trading.

Amotekun777:
I think the dude isn't as bad as it seems... Just business gone wrong.

I would've agreed with you if the guy was offering 5-10% per month. Even 10% per month is too much — unsustainable.

To promise investors 20-30% per month means that either he's terribly naive or he had a fraudulent intent ab initio!

This is forex trading we're talking about. Even God can't consistently offer 20-30% per month!

13,000 Buhari can't solve Nigerians criminal activities ,it is just too much

brownemmanuel43:
Twale baba Amo777
out of the whole comments, na u sabi pass dem. Forex is not as bad as Nigerians are painting it, its just trade gone wrong. Forex is something that can gv u millions in a twinkle of an eye, and can equally send u back to village same way.
The only problem I hv with Naija forex traders is this, they don't tell u the truth, like risk involve and money management.
And some naija traders once they start making small small dollars, their mind will be telling them that they hv arrived.
Trading is game of the mind. Infact it was when 2 guys on nairaland blew my account, that was when I started learning trading.

You're very correct, Sir. Majority of 9ja pple are too ignorant to realize the level of risks involved. Like you said, you can become rich overnight OR wretched overnight. It can swing either.

brownemmanuel43:
Twale baba Amo777
out of the whole comments, na u sabi pass dem. Forex is not as bad as Nigerians are painting it, its just trade gone wrong. Forex is something that can gv u millions in a twinkle of an eye, and can equally send u back to village same way.
The only problem I hv with Naija forex traders is this, they don't tell u the truth, like risk involve and money management.
And some naija traders once they start making small small dollars, their mind will be telling them that they hv arrived.
Trading is game of the mind. Infact it was when 2 guys on nairaland blew my account, that was when I started learning trading.

I would've agreed with you if the guy was offering 5-10% per month. Even 10% per month is too much — unsustainable.
To promise investors 20-30% per month means that he's either terribly naive or had a fraudulent intent ab initio!
This is forex trading we're talking about. Even God can't consistently offer 20-30% per month!

Amotekun777:
You're very correct, Sir. Majority of 9ja pple are too ignorant to realize the level of risks involved. Like you said, you can become rich overnight OR wretched overnight. It can swing either.

The acceptance of that risk will make a professional offer a realistic profit. 20-30% per month is highly unrealistic — no truthful professional trader will promise you that!

Is it possible to make 30 to 40% profit in a month once in a while — yes. Can it be done consistently every month — Never!

Assuming he's offering 5%, if he makes 20% profit in 2 out of 6 months (the other 4 months cancelled out without profit), he can still fulfill his obligations to his investors and have at least 10% to himself.

einsteine:
All the people that got interest should also be forced to pay back the money they received.

Just listen to yourself. Do you make sense to you?

studentofTruth:
The acceptance of that risk will make a professional offer a realistic profit. 20-30% per month is highly unrealistic — no truthful professional trader will promise you that!

I absolutely agree. He was trying to satisfying his clients at his detriment. I don't actually think he was trying to dupe as insinuated.

Amotekun777:
I absolutely agree. He was trying to satisfying his clients at his detriment. I don't actually think he was trying to dupe as insinuated.

If he truly believed that he could offer that, then he's extremely naive! Probably felt he's invisible.

Even Ata-Turkoglu in FF do get terrible seasons.

tayebest:
I have my reservation for this forex trading, sincerely. It's the shortest way to end in kirikiri and the fastest way to become a millionaire.

I think this is a case of a business gone wrong the guy might not intentionally dupe them...but this is mostly the cases of forex trading it is very unpredictable

OBku4:
That's why I always tell legit FX traders, never trade for anyone! (Unless u have at least 10years of experience and you want to set up an hedge fund;which u should think 10x before starting)

The best u can do is teach only those who desperately want to learn. And don't even bother yourself convincing people about Trading.

Exactly, my brother. With my no trouble lifestyle, managing people's account is the last thing I will ever think of.

osamz007:
Bankers are second class upper division thieves

Politicians are first class division thieves

Security forces are second class lower division thieves

Yahoo boys are third class.



Nigeria is headed nowhere Currently..

this man is not a thief. It's a business he for some reason believed so much in and got investments that went bad.

He will pull out of it.

But really these investors should have known that you don't put money you can't afford to loose into forex. It's written on all platforms.

Typical of alot of Nigerian businesses. When it's going well, you dont hear their voice. But When it collapse, they call for your head.

There should be laws that protects entrapenurs in events like this

In forex why trade for others. Trade for yourself and make the profit or loss for yourself. In my opinion you may give trading hints and never trade for anyone.
By the way 20 or 30% monthly interest is that not outrageous. Why not max 2 to 5%.

Forex no sure for profit o na dis man go pack 354 people money go invest in forex haaaaaa

OBku4:
This is exactly why I don't trade for no one... Or stress myself explaining to people who associate trading FX with scam.

Couldn't be bothered

Let me trade and live my life in peace.

Same here...The hedge fund sector notched a 9% gain in 2019, according to Bloomberg's Hedge Fund Indices, well below the S&P 500's 29% gain through the year .

If top hedge fund managers such as Ray Dalio are posting annual gains under 29% why would someone be promising 20% to 30% monthly returns? It's achievable but what will be the Risk Of Ruin . See wetin over leveraging dey cause