Sun. Jun 23rd, 2024

Chinmark Investment Ponzi Scheme Bites The Dust, Billions In Investors’ Funds Lost.

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Popular return on investment company in Nigeria, referred to as a Ponzi scheme, Chinmark Investment group has stopped operations, leaving many of its numerous investors whose funds are trapped in confusion as the company ceases activities.

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Marksman Chinedu Ijioma, CEO of Chinmark has asked investors to give the company 60 days to repay investors funds, but investigaton shows that deeds of ownership of most of the properties registered in Chinmark’s name are being changed to an entire new ownership raising questions as to the sincerity of the company in offsetting it’s debts amounting to billions.

Chinmark as known is a business structured on crowdfunding, It has existed for over 5 year, with a monthly interest of 3% -4% depending on your partnership amount. Many has accused the owner of leaving an extravagant lifestyle uncommon with someone running an investment company.

In 2021, the Securities and Exchange Commission, Nigeria (SEC) released a communication distancing the commission from the activities of FinAfrica Investment Limited (Chinmark Group) accusing the company of operating a fake investment scheme.

According to the agency, neither FinAfrica Investment Limited nor Chinmark Group is registered by the SEC and the Investment Scheme promoted by these entities are also not authorized by the SEC.

According to Joy Osamwonyi, a lawyer representing one of the investors who list 53 Million Naira in the Chinmark investment scheme, revealed that investigaton carried out by the law firm showed that the company Chinmark , registered at Companies and Allied Matters Act, CAC as a ” general merchandise” and not an investment company.

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