How ‘real estate firm’ duped 4,000 investors in fresh Ponzi scheme

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Six months after the collapse of the N1.3tn CBEX Ponzi scheme that ensnared hundreds of thousands of Nigerians, another wave of desperate investors has fallen victim to a fresh scam masked as a real estate venture, which used fintech accounts. In this special report, IMOLEAYO OYEDEYI uncovers how a shadowy online platform, EMAAR, lured over 4,000 people into yet another digital trap—leaving families across the country counting painful losses and searching for answers

Months after over 600,000 Nigerians invested in the fraudulent Ponzi scheme, Crypto Bridge Exchange aka CBEX, and lost N1.3tn, thousands more have poured money into another digital platform, EMAAR, getting nothing in return.

Many of the victims, scattered across the country, who spoke to Saturday PUNCH, echoed various accounts of pains, sorrow and regrets.

They said unlike CBEX, managers of the fresh Ponzi scheme operated under the pretext of a real estate firm that existed mainly virtually, as there were no physical locations or offices where they could be traced.

According to them, the platform was introduced between July and September 2025 as a trading portal where they could invest certain amounts of money that would supposedly yield returns and interest within 10 days, after which they could make withdrawals.

But the platform crashed on October 27, when many had yet to make any withdrawals from their accounts.

Faceless group, illegal activities

Findings by our correspondent showed that promoters of the scheme operated different Telegram accounts.

While the official group had over 4,000 active investors, who participated in investment discussions and contributed funds, another group sighted by Saturday PUNCH had 1,468 participants.

However, all the Telegram groups have since been locked following the collapse of the platform.

Checks by Saturday PUNCH suggest that the company might have been operating without registration, as its name wasn’t found on the Corporate Affairs Commission database.

Though several companies bearing the name EMAAR appear on the CAC website, none has ‘real estate investments’ indicated in their names.

Further checks on the name the group used for their Moniepoint Bank account, CreditB-24H, showed only a similarly named ‘Credit24h’ online, a Romanian property developer with no confirmed link to the group.

It was also observed that the logo used by the alleged EMAAR Real Estate Investment outfit matches that of EMAAR Properties, a legitimate real estate development company based in India, although there is no evidence of any affiliation between the two.

Victims count losses

A computer engineer based in Ibadan, Oyo State, who asked not to be named due to shame, was among those who invested in the EMAAR Ponzi scheme.

He lost nearly N2m.

A trusted friend introduced him to the platform, claiming it was legitimate and trustworthy.

“I don’t usually get involved in things like that,” he said.

“But my friend told me he had met the company representatives in person and knew their office. He is someone who has always been very loyal to me and whom I trust deeply. That was why I decided to give it a try.”

The company was said to have presented itself as a real estate investment firm.

“They said they had a yearly plan and other options where people could invest for a few months. Later on, they introduced a weekly package. They told us that those who invested for a year could not withdraw shortly after putting in their money, but that once you invested for a month or two, you would be able to cash out quickly,” the engineer explained.

“But I was not able to do that because the very week I planned to withdraw was when they suddenly disappeared,” he lamented.

The man said what pained him most was the abruptness of the collapse.

“There was no sign that they were about to fold up. It happened suddenly, and thousands of people were affected. They created a Telegram platform for us, where we met with them online every day,” he said.

“We were over 4000 in that group apart from the managers. We held nightly meetings on the Telegram platform where they communicated with us and shared tips on the investment and other information. We were always excited during those meetings until everything collapsed.”

He revealed that he lost a total of N1,828,000 to the scheme.

“I first transferred N790,000 to their Kuda Microfinance Bank account and later sent N1,038,000 to their Moniepoint account. I learnt that some people who had prior experience with such schemes quickly cashed out before the crash. I could not because it was my first time,” he said.

The victim said he had been forced to mourn his loss in silence due to the thought of being mocked by his relatives and close allies, whom he had advised against investing in Ponzi schemes.

“It is very painful that someone like me, who always advised people not to invest in such schemes, could end up falling victim to the same thing,” he said with tones of regret.

When asked if the Telegram channel was still active, he said, “Not at all. They are gone. It is just a pity.”

Kaduna family loses N500,000

The family of an artisan in Gidan Waya, a town in Jema’a Local Government Area of Kaduna State, also fell victim to the EMAAR Ponzi scheme.

Mr Dennis Iliya, his wife, Emmanuela, and their relatives reportedly lost about N500,000 to the platform.

Recounting how a neighbour first introduced him to the scheme, Iliya said he was told the platform offered various investment products, each with its maturity period.

“They said the minimum withdrawal after investing was N20,000, and once you accumulated that amount in interest, you could request payment, and the money would be sent to your bank account,” he explained.

However, things quickly went awry.

Just a week after he made his second payment, expecting withdrawals in a few days, “the managers shut down the platform. People began to complain immediately.”

Iliya, who was on the official Telegram group, said the closure sparked outrage among investors.

He noted that instead of reopening the platform, the managers sent messages demanding an additional N10,000 from each member to recover their invested money, saying it was at that point that he realised they had all been defrauded.

“I refused to pay N10,000, but many did. None of them received anything. Two days later, the managers deleted their Telegram accounts. Since then, there has been no way to contact them. That is how it happened. I lost about N230,000 to the scam,” he said.

His wife, Emmanuela, a corps member serving in Kaduna State, also lost money.

Speaking with our correspondent, the ABU Zaria graduate of Guidance and Counselling said a family friend introduced her to the platform.

“Two of my sisters were also affected, aside from my husband. Blessing lost N70,000, while Faith lost N40,000. My mother also lost N35,000,” she said.

She explained that the platform had been presented to them as an investment arrangement, similar to a cash-flow scheme.

“We were instructed to buy shares and allow our funds to appreciate over a set period. We were told we could later withdraw our capital and earnings. In the end, we did not get back our money or the interest. Nothing at all,” the corps member lamented.

Victims across Nigeria

Across different parts of the country, several other Nigerians also poured hundreds of thousands of naira into the Ponzi scheme, only to end up with losses and frustration.

In Jos North, Plateau State, 30-year-old Johnson Jonathan recounted how he lost N212,000.

He said, “I sent the money around October. I made the payment to their Moniepoint account, which is the account they use to receive deposits from people. I heard about the platform through my cousin.”

In Rivers State, Precious Promise shared a similar experience. She said everything happened in October after a friend referred her to the scheme.

“I invested N128,000 but never received anything in return. They presented it to us like a trading system. You put in some money, it yields returns for 10 days and then you withdraw,” she explained.

But according to her, things took a different turn once participants’ payments hit the platform.

She said, “After we all made payments, they started giving excuses and told us to pay another N10,000 in order to access our money. After some people paid the additional amount, all we saw was that they shut down the trading platform and deleted their Telegram accounts. Many people were affected. Some even invested millions.”

In Kaduna, Bernard Sylvester also found himself trapped in the scheme.

He lost about N120,000 after making payments in September.

“Someone in my neighbourhood introduced me to the platform. I was supposed to withdraw after two weeks, which I did, but I reinvested the money to earn more profit,” he narrated.

His hopes were short-lived.

“Shortly after that, everything collapsed around October 27 and we could no longer reach them. When I contacted my referrer, he said he had also been affected. Since then, we have been trying to find ways to trace them, but nothing has worked,” he said.

While several victims confirmed losing amounts ranging from tens of thousands to hundreds of thousands of naira, the overall financial loss still remains unclear as of press time.

EFCC demands petition

However, the Economic and Financial Crimes Commission advised victims of the EMAAR scheme to submit a formal petition to enable the anti-graft agency to open an investigation into the alleged scam.

Speaking with Saturday PUNCH, the EFCC’s Head of Media and Publicity, Dele Oyewale, noted that the agency had earlier this year alerted Nigerians to the illegal activities of about 58 Ponzi scheme operators.

Oyewale expressed disappointment that, despite the warnings, Nigerians still fell into Ponzi traps.

“We are closely monitoring the activities of such companies to protect the financial space of our nation and the investing public, so that opportunistic and predatory operators will not have any hold on our economy.

“But for the particular one you are talking about, let the affected people submit a petition to us, and we will act accordingly,” he said.

The EFCC spokesperson also attributed the persistence of such scams to poor vigilance on the part of investors.

“People are not adhering to our advisories and warnings. And they are also not doing due diligence on these companies before putting their money in. Many people are drawn into such schemes because of greed,” he added.

Moniepoint advises victims, Kuda cites privacy

When contacted, the Moniepoint Microfinance Bank explained formal steps victims of fraudulent transactions should take when defrauded.

The bank’s Public and Media Relations Manager, Bemigho Awala, said victims were required to notify their banks and the police.

According to him, once a formal letter to the bank is filed, the complaint triggers an internal investigation between the originating bank and the receiving bank.

This process, he said, might lead to an embargo on the fraudulent account after a court order has been obtained.

“Based on the order of the court, the bank will then carry out an in-depth investigation of the transaction inflow into the account and if the allegations are found proven, both banks will then agree on the appropriate remedial actions,” he said.

Awala stressed that every bank, including Moniepoint, maintains online reporting platforms that victims can use to lodge complaints.

“But if the victims haven’t done this, there is no way we can know,” he noted.

He assured that he would review the receipt screenshots sent by Saturday PUNCH, identify the fraudulent account and escalate the matter to the customer service and fraud desks for further action.

However, a bank official confided in our correspondent that the Moniepoint account used by the fraudsters had been deactivated.

“The merchant, CreditB, has been deactivated after being caught for Ponzi facilitation,” the official said.

“Most of the reported cases are being refunded, provided the complaints are backed by a court order.” he added.

The official declined further comment when asked the total sum paid into the account.

When Saturday PUNCH reached out to Kuda Microfinance Bank for clarity on whether it had received complaints linked to the controversial EMAAR investment platform, the bank declined to divulge any customer-specific details, citing regulatory and privacy constraints.

In a formal statement sent to our correspondent, the Head of Fraud at Kuda, Farouk Junaid, explained that the bank was legally prohibited from sharing information about individual accounts or complaints unless compelled by law or expressly authorised by the affected customers.

According to him, the confidentiality rights granted to customers under Nigeria’s banking and data-protection framework prevent them from releasing any such details to the public or the media.

“Under banking and data privacy regulations and the confidentiality rights afforded to our customers, we can’t share any information regarding individual complaints relating to EMAAR or similar platforms, except where we are legally compelled to do so or with our customers’ express consent,” Junaid said.

He noted that the constraint made it impossible for the bank to respond to Saturday PUNCH’s specific request.

He, however, stressed that the bank’s commitment to combating fraud remains unwavering.

Junaid noted that the bank treats all allegations of fraud with “utmost seriousness,” explaining that reports of suspicious or illicit activity trigger thorough internal investigations.

‘CBN must turn heat on fintechs’

Reacting to the matter, a financial analyst, Prof. Sheriffdeen Tella, said it was high time the Central Bank of Nigeria increased vigilance on the operations of fintechs.

Speaking to Saturday PUNCH, Tella said the recurring wave of fraudulent investment platforms was also fuelled by desperation and poor financial discernment among citizens.

He said, “The CBN seems to be trying in its efforts. It’s just that Nigerians are also gullible. Everyone wants to make money without much effort. That could be the reason behind the recurrence of Ponzi scam.”

He recalled that the apex bank had previously listed financial institutions under its approval and flagged those operating illegally, but insisted that these measures, though helpful, were not enough.

For him, there must be much more vigilance and surveillance from the apex bank in order to sanitise the system.

Tella urged the CBN to probe microfinance banks indicted in such incidents.

He added that the CBN often reported erring institutions to the EFCC, but emphasised that beyond regulatory action, “there is a need for continuous vigilance and Nigerians also must be cautious of where they put their money.”

The Centre for Anti-Corruption and Open Leadership said the fresh Ponzi scandal exposes deep cracks in the country’s financial ecosystem, highlighting the urgent need for stronger consumer protection mechanisms.

The CACOL Director, Debo Adeniran, noted that every major scam further erodes public confidence in online investment platforms, creating an atmosphere of fear.

Adeniran said while regulators continue to issue warnings, the absence of swift enforcement allows fraudulent operators to flourish and exploit vulnerable citizens.

He added that repeated Ponzi collapses signal a growing sophistication among fraud syndicates, who now leverage digital channels to mask their identities and move funds quickly.

“If unchecked, these schemes could cripple trust in legitimate fintech innovations and distort economic participation, especially among young and low-income Nigerians,” he warned.

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