Citifund Ponzi scam has collapsed with millions lost

Citifund Ponzi scam has collapsed with millions lost

Citifund Ponzi scheme, one of the popular Ponzi scams that took over from MMM Nigeria has collapsed.

As at the time of writing this report, the website has finally disappeared from the surface of the Internet.

Several investors who staked money into the scheme will no longer be able to recoup their investment from owners of the scheme who are unknown as at the time of writing this report.

There are no address, phone numbers and or mailing address that its investors can reach.

Before it collapsed, Citifund had over 20,000 members who are promised 100% of their investment within 24 hours. Because of the bogus nature of the investment returns, Ponzi scheme analysts had warned the general public on the Internet to stay away from such financial schemes.

In the middle of last year, the Nigerian Securities and Exchange Commission, SEC had warned the general public to stay away from Ponzi schemes. Most of the schemes were spearheaded by the now collapsed MMM Nigeria which rendered over 2 million of its investors penniless.

According to analysts estimates, over NGN5 billion was lost to MMM Nigeria scammers who are no longer within the reach of its numerous investors. Chuddy Anayo Ugorji, the top promoter of MMM Nigeria has since fled Nigeria for Philippines.

Analysts suggested that Citifund and other numerous Ponzi schemes were created by former members of MMM Nigeria who have gotten how to created and run Ponzi schemes.

It is hard to gauge how much has been lost to the scammers who ran Citifund. Many investors of Citifund have sent several messages to PageOne.ng complaining about their loss which ranged from NGN50,000 to NGN300,000.

An analyst suggested that Citifund owners will go ahead to float another scheme since their identities are not known. It is estimated that over 20 Ponzi schemes are floated daily within and or outside Nigeria but targeting Nigerians.