nairaland1981:
forex na scam

Tell us your story please

AerialMapper:



Means that i should be dead; I have 7m in one. Anyway, never invest what you don't want to lose.

Any Investment that promise you over 4% ROI every month is a scam. U will learn ur lesson the hard way.

prof2007:
A foreign exchange (forex) trader based in Kano State, Mr Abubakar Ibrahim, has landed in a bowl of hot soup over his failure to keep to his words. Mr Ibrahim had promised to deliver a 30-35% monthly return on investment (ROI) to an investor, who eventually gave him N7.6 million for a try.

It was gathered that the money was given to the suspect through one of his agents, Mr Umar Kabir, and after the investment, the 30 to 35% ROI was never delivered as promised. This prompted the investor to approach the Economic and Financial Crimes Commission (EFCC) to help him recover his hard-earned money.

According to the EFCC, which arraigned Mr Ibrahim before Justice Lewis Allagoa of the Federal High Court, sitting in Kano, on Friday, October 16, 2020, on a five-count charge of money laundering, the suspect allegedly engaged in forex trading through his Flexus Global Investment without duly registering with SCUML (acronym for Special Control Unit Against Money Laundering, issued by the EFCC).

SCUML was established by the federal government in September 2005 as part of measures for implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering/Combating the Financing. It is charged with responsibility of monitoring, supervising and regulating activities of Designated Non-Financial Institutions (DNFIs).

At the court, the EFCC informed the judge that efforts to make the suspect refund the sum invested to the complainant were futile and when the charges were read to him, he pleaded “not guilty.”

“That you, Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such capacity, sometimes in 2019 in Kano, Kano State within the jurisdiction of this court, did fail to declare the existence of your company with Special Control Unit Against Money Laundry (SCUML) before commencing business under the name Flexus Global Investment Limited and thereby committed an offence contrary to Section 5(1) (a) (i) and punishable under Section 5(6) (a) & (b) of Money Laundering (Prohibition) Act, 2011 (As Amended),” one of the counts read.

In view of his plea, the prosecution counsel, Mr Michael Ojo, asked the court for a date to commence trial and that the accused person be remanded in the custody of the Nigerian Correctional Service. However, the defence counsel, H.A Hamza, urged the court to admit the defendant to bail. This bail application was granted by Justice Allagoa in the sum of N50 million with one surety in like sum.

The surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court, the judge held and adjourned the case to November 19, 2020, for trial.

SOURCE: https://businesspost.ng/economy/efcc-nabs-forex-trader-for-failing-to-fulfil-35-monthly-roi-promise/amp/

Another crucified way Nigerians suffering is bail out amount. Why should magistrate make bail out fund too high. A case of 7.6m and magistrate is charging a suspect 50M naira for bail out. Even if he's guilt later can he pay up to 25m naira for offend or 5 years imprison.

Why is it that no breathing place for Nigerians? Judiciary is the cause of immunity that damage nigeria.

In other nation, granting bail to suspect doesn't cost much because that's not penalty to pay for the crime. Instead of granting bail out with 50m, it's better you say no to bail out and even sentence the suspect.


Time will tell if we shall not protest for this granting bail out fee

plenty Wahala for this world

nairaland1981:
forex na scam

No, it's not scam! I am a forx trader and I don't target more than 5% in a month! People who think they can make some lucrative percentage out of it are the scammers!

A professional Forex trader will not look at more than 20% in a year but we Nigerians want to do 30,35% in a month... Lol... MMM don spoil our sense of Investment and Business Charisma!

Lolz this shít happens when u think u can make millions frm Forex overnight, when the truth is Forex isn't a get rich quick scheme

:EFCC na big boys work o. EFCC na another packaged SARS cousin dem be....

prof2007:
A foreign exchange (forex) trader based in Kano State, Mr Abubakar Ibrahim, has landed in a bowl of hot soup over his failure to keep to his words. Mr Ibrahim had promised to deliver a 30-35% monthly return on investment (ROI) to an investor, who eventually gave him N7.6 million for a try.

It was gathered that the money was given to the suspect through one of his agents, Mr Umar Kabir, and after the investment, the 30 to 35% ROI was never delivered as promised. This prompted the investor to approach the Economic and Financial Crimes Commission (EFCC) to help him recover his hard-earned money.

According to the EFCC, which arraigned Mr Ibrahim before Justice Lewis Allagoa of the Federal High Court, sitting in Kano, on Friday, October 16, 2020, on a five-count charge of money laundering, the suspect allegedly engaged in forex trading through his Flexus Global Investment without duly registering with SCUML (acronym for Special Control Unit Against Money Laundering, issued by the EFCC).

SCUML was established by the federal government in September 2005 as part of measures for implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering/Combating the Financing. It is charged with responsibility of monitoring, supervising and regulating activities of Designated Non-Financial Institutions (DNFIs).

At the court, the EFCC informed the judge that efforts to make the suspect refund the sum invested to the complainant were futile and when the charges were read to him, he pleaded “not guilty.”

“That you, Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such capacity, sometimes in 2019 in Kano, Kano State within the jurisdiction of this court, did fail to declare the existence of your company with Special Control Unit Against Money Laundry (SCUML) before commencing business under the name Flexus Global Investment Limited and thereby committed an offence contrary to Section 5(1) (a) (i) and punishable under Section 5(6) (a) & (b) of Money Laundering (Prohibition) Act, 2011 (As Amended),” one of the counts read.

In view of his plea, the prosecution counsel, Mr Michael Ojo, asked the court for a date to commence trial and that the accused person be remanded in the custody of the Nigerian Correctional Service. However, the defence counsel, H.A Hamza, urged the court to admit the defendant to bail. This bail application was granted by Justice Allagoa in the sum of N50 million with one surety in like sum.

The surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court, the judge held and adjourned the case to November 19, 2020, for trial.

SOURCE: https://businesspost.ng/economy/efcc-nabs-forex-trader-for-failing-to-fulfil-35-monthly-roi-promise/amp/

Baba don use money flex

AlwaysMotun:


No, it's not scam! I am a forx trader and I don't target more than 5% in a month! People who think they can make some lucrative percentage out of it are the scammers!

A professional Forex trader will not look at more than 20% in a year but we Nigerians want to do 30,35% in a month... Lol... MMM don spoil our sense of Investment and Business Charisma!

True

AlwaysMotun:


No, it's not scam! I am a forx trader and I don't target more than 5% in a month! People who think they can make some lucrative percentage out of it are the scammers!

A professional Forex trader will not look at more than 20% in a year but we Nigerians want to do 30,35% in a month... Lol... MMM don spoil our sense of Investment and Business Charisma!

Anytime I read news like this. I feel happy for myself. Nigerians are greedy people. They will keep falling for Ponzi schemes. I give 3% ROI, but they complain it is too small. Can you imagine.

nairalee:
I'm about learning the ropes of forex trading. I dunno how profitable it is. 30% ROI assured? That's pretty cool if true

Guy if anyone tells you that they can make 30% monthly consistently, they are lying.
If you're really good and experienced, maybe you can have a good month and actually make 30% once in a while, but it's never consistent.

Most pro traders just target 10% monthly and if they make more than that, they hedge it, because there will be months where you just lose money.

Oluwahelpme:
Any Investment that promise you over 4% ROI every month is a scam. U will learn ur lesson the hard way.

Well... the hard way the only way

TreasureTayo:
Increase the volume oo. somethn I ve been doing for 19 moths already lol

Asin almost a year on it too.

Mysticwebb:
Jail that guy. I have learnt the hard way that consistent earnings of high profit is very difficult in Forex. I had once invested with a guy that promised me 10.5% ROI in 2017. Both capital and profit I no see. Guy man ran away with every every and left me terribly broke which I have not even fully recovered from the shock till date.
Now, it is either I do it myself or I forget about it.
When I lose, I lose gallantly with my head up.

I trade forex, consistent profit is possible if you put away greed and if you involve risk management.

Hambivert:
Sparogatively, most of these bureau de change operatives are the biggest Yahoo boys, they are cronies to politicians who use them to embezzle public funds!

I wonder why the 'supposedly' defunct SARS operatives never went after them¿

#EndSARS
#EndPoliceBrutality
#EndBadGovernance

it's not within SARS mandate naa. Economic/Financial crimes (yahoo) are for efcc to instigate. SARS really overstepped their authority.

lol, dey chop am dey go bro. make dem dey dey doubt am. abeg, u dey stay for abk?

pyrex23:


Asin almost a year on it too.

Nna men!

Make dem free the guy abeg!

Sometimes business projection dey fail. What do you want the man to do?

What can a nigga do?

TreasureTayo:
Igbadun u bro. dey chop ur money dey go jare. Been doin this for 19 months and one yeye person dey call it scam. I don't blame him tho

I saw your reply fam, abeg leave ignorant people to keep being ignorant I just dey look them, even 100% is possible lol but Nigerians get that mindset that whenever they hear something from somewhere without confirming and analyzing the matter they will start spreading rumours up and down.
I dont need to trade for people, I've made 150% in 2months during Corona virus for myself but all in all just let the ignorant remain being ignorant cause they derive joy in it

Oluwahelpme:
Anytime I read news like this. I feel happy for myself. Nigerians are greedy people. They will keep falling for Ponzi schemes. I give 3% ROI, but they complain it is too small. Can you imagine.

My brother, whether you give 3% or 0.5%, I hope you learned from this news.

It is against the law to run an asset management service with a personal account! Even if you have a registered company and use your company's account, ensure that your company is fully registered with SCUML. Running an asset management company without being fully registered with SCUML will make EFCC your number 1 customer, unless you want your face all over the internet with frustrated youths here calling you a scammer.

TreasureTayo:
Can you send a pm?

No. I'm not interested. I only asked because you requested for the "how"

If the police profiles you just by your looks alone, I know you'll be screaming oppression...

Promotions:
Those Efcc guys are looking young and fresh...lots of scam everywhere

Bro God bless you. I even changed my mind sef, make dem dey carry der money go bank. Make id ey chop my ROI myself o lol. 150% in 2 months is possible bro, Keep seeing blue and not red. God bless you!

Dliquidmetal:
I saw your reply fam, abeg leave ignorant people to keep being ignorant I just dey look them, even 100% is possible lol but Nigerians get that mindset that whenever they hear something from somewhere without confirming and analyzing the matter they will start spreading rumours up and down.
I dont need to trade for people, I've made 150% in 2months during Corona virus for myself but all in all just let the ignorant remain being ignorant cause they derive joy in it

IMAliyu:

Guy if anyone tells you that they can make 30% monthly consistently, they are lying.
If you're really good and experienced, maybe you can have a good month and actually make 30% once in a while, but it's never consistent.

Most pro traders just target 10% monthly and if they make more than that, they hedge it, because there will be months where you just lose money.

why telling them? Let them suffer now. Let them loose their hard earned money to scammers.

Grupo:

They will chop your money. Don't worry.

Lol let him chop it

Can someone please help me with EFCC job?

LOL, pele ooo. I cannot say how here actually due to Nairalan's rules and reg. I wish you a good day!

MzTunechi:
No. I'm not interested. I only asked because you requested for the "how"

TreasureTayo:
Bro God bless you. I even changed my mind sef, make dem dey carry der money go bank. Make id ey chop my ROI myself o lol. 150% in 2 months is possible bro, Keep seeing blue and not red. God bless you!

make them carry am go bank lol, bank dey trade same thing but with billions and they keep reaping people off. God bless you too bruh wish you a pipsful week/year.

Abi nah. Banks sef dey use am trade, Make nobody stress me here o jare lol. A mortgage bank legit invested last week lmao. I swear with the company I work with o lol

Dliquidmetal:
make them carry am go bank lol, bank dey trade same thing but with billions and they keep reaping people off. God bless you too bruh wish you a pipsful week/year.

Kobicove:
According to professional forex traders it's almost impossible to earn a return of more than 20% consistently

10% Yearly is much more realistic......

30% monthly is a scam.

AlwaysMotun:


No, it's not scam! I am a forx trader and I don't target more than 5% in a month! People who think they can make some lucrative percentage out of it are the scammers!

A professional Forex trader will not look at more than 20% in a year but we Nigerians want to do 30,35% in a month... Lol... MMM don spoil our sense of Investment and Business Charisma!

May God bless you I tell people too 4%-20% range should be your profit if proper risk management is applied in forex and a good strategy so if your profit falls in between that range per month if you are PROFITABLE

Kobicove:
According to professional forex traders it's almost impossible to earn a return of more than 20% consistently

REALLY?

Forex is real, I've been earning 1.5% every weekday (which translates to 30% monthly) for nearly 6 months now. When I started trading on my own after lots of training from different academies I discovered that I was making lots of losses so now I don't trade, I let the experts trade for me using their sofisticated robots which guarantees massive gains. I am even allowed to watch their trades daily and these guys make profits of over $300k every trading week.
I used to trade on maximum of 0.5 lot size but these guys with the aid of their robots trade at up to 75 lot size. The traders are reknowned from the UK and have a track record of success. All the evidence is on myfxbook for those traders who know what it is.
Their transparency and simplicity drew me to them and now I just invest and reap profits.
I have attached their performance for the last 7 days and also the last 30 days for u to see what I mean. They are much better than MBA forex.
I cannot advertise them here for obvious reasons but I just want you to know that in forex u can consistently get over 30% if you're working with the right professionals.