Victims of an alleged scam perpetrated by a Lagos-based forex training and capital investment company, MBA Capital and Trading Limited, are worried over their unpaid dividend and capital, and the disappearance of the Chief Executive Officer, Maxwell Odum.
The victims, numbering 52, said the total amount they were defrauded of was N122,510,000, adding that the company closed on December 22, 2020, for the festive season but had failed to resume since then.
One of the victims, Paul Smith, said that he invested N48m in a scheme promoted by the firm with a promise that he would be getting 15 per cent return on investment every month, but he had been unable to get the promised dividend.
He said he and other investors petitioned the Special Fraud Unit, Ikoyi, on June 6, 2021, adding that more victims had also come out to speak on the alleged scam, bringing the total to over 70.
Smith stated, “The last email we got from the firm was in February telling us that our capital would be refunded. I invested N48m and I’ve been down since. Odum has over N120bn of people’s funds with him and I know over 70 victims.
“What convinced me to join the scheme was the size of the office and operations. The company has a lot of workers. It has offices at Admiralty Way, Lekki, and Allen Avenue, Ikeja. In Lekki, it has over 40 staff members and it was operating normally before now.
“The office was shut on December 22, 2020, with an assumption that it was the festive season break. They promised to resume on January 4, 2021, but they didn’t. We cannot reach their CEO Maxwell Odum anymore. All the offices are under lock and key. We have petitioned the Special Fraud Unit, Ikoyi, which has assured us that the case will be investigated.”
Another victim, Misan Sagay, said her brother introduced her to the investment firm, adding that she invested all her savings of N3m, but did not receive any dividend before the company ceased to operate.
“My brother told me about them in October 2020. My first investment was in November 2020 and I have never received any return on investment. I invested N3m. I checked them online and I saw that they were registered with the Securities and Exchange Commission. Now, I’m hearing that it was a part registration.
“My brother invested N1m in August and he got his first dividend in October and that was the last he got. They promised to pay us our capital in January, but we haven’t seen anything. I want the police to help us fish out the CEO Maxwell Odum ; he should be prosecuted.”