The dream of no fewer than 3,500 people to make easy cash through forex trading has become a nightmare after they were defrauded of their money estimated at N2bn. We learned that the victims deposited money in a binary options company, BTD Multi-Global Company. The company, established in 2015, reportedly promised 20 percent returns per month on every deposit and was good to its promise for two years.
However, in 2017, the company was alleged to have stopped withdrawals from accounts by depositors. Our correspondent gathered that after widespread complaints, the company in June 2017 called for a meeting of investors at its office in Ile Ife, Osun State, and sought a six-month grace before any withdrawal.
Within the period, our correspondent was told that the company emptied all accounts and shut its office, while the founder and President of the organization, Bowofade Adewuyi, a 24-year-old drop out of the Obafemi Awolowo University, fled. His 22-year-old brother, Adedotun, who was said to be the Vice President of the firm, was, however, arrested by the Economic and Financial Crimes Commission.
One of the victims, Pastor Olubunmi Adeleke, lamented that the money of his family members was rapped in the scheme, claiming that a woman he introduced to the firm, Alhaja Laide Aminu, had died from hypertension.
The 55-year-old Oyo State indigene said,
“My investment is close to N12m, because I have two active accounts. We used to roll over our profits. Sometimes you can deposit N500,000. When the money increases to, say N750,000, you can leave it for another month to get 20 per cent of that sum.
We started having issues about one year ago when he (Bowofade) said the company wanted to move from binary to premium options. He added that the market was low and we should give him six-month grace period. He said within that time, nobody should withdraw money. We believed him until he ran away.
Another victim, who asked not to be identified, said while he lost his N3.2m gratuity to the scheme, his wife lost N300,000.
The Ilesha, Osun State retiree said one of his children, who had benefitted from the firm, introduced the scheme to him.
he added.
A businessman, who identified himself only as Tobi, said he deposited N1m into the company in 2016.
He said,
Another victim, Chinyere Odemenam, said she invested N1.5m in the company, adding that the money belonged to her and a friend.
A palm kernel producer in Ondo State, Azeez Ogunnupebi, said he lost N4.7m to the scheme.
the 25-year-old said.
Our correspondent learned that about 570 of the victims formed a group and contacted a lawyer, Peniela Akintujoye of Critas Law and Partner, who wrote a petition to the EFCC, Independent and Corrupt Practices and allied matters Commission and the police division of the Security and Exchange Commission.
A copy of the letter to the EFCC zonal office at Ibadan, Oyo State, dated December 17, 2017, stated that the company lied that it had a comprehensive insurance and was a registered financial institution.
“The company further fraudulently claimed… to have taken out an insurance policy that will protect 100 percent of the invested capital of first-time investors and 50 percent of the investment balance (capital plus accrued interests) of existing investors in case of any loss.
Akintujoye, who later spoke to us, said the company claimed that many of the investors had closed their accounts and only 3,500 people were left.
“The main suspect, Bowofade, who is only 24 years old, is at large. When the company started, the managers were kept from the public. Not many knew it was a young boy who was in charge, so they pumped a lot of money into it. We have those who put N20m and even N50m in this scheme and they have yet to collect a dime.
“A man paid N4.9m after selling his car and land and postponing his marriage because he thought he could suffer now and enjoy later. The guys did a fantastic job of corporate branding,
” he added.
He noted that the EFCC arrested Bowofade’s younger brother, Adedotun, in a bank in Sango Ota, Ogun State, sometime in April 2018. Bowofade could not be reached on his telephone line. Adedotun, who was said to be on bail, however, said the company still hoped to pay back the depositors
He said,
