Cases of investment scams have continued in recent years, especially after the World Mavrodi Movement (MMM), a global Ponzi scheme introduced in 2015 before it shut down.
Unfortunately, the demise of MMM has not stopped more Ponzi schemes from emerging and defrauding Nigerians unsuspecting of their hard-won economies.
One of the investment systems that some of our readers prefer to waste their money on is Racksterli, an investment platform presented through Michael Chidiebere Oti, also known as Black Gold.
The so-called investment platform was born after the Covid-19 crisis of 2020 that forced many Nigerians to seek select investments with significant returns.
Racksterli provided this platform to many other people who had adhered to his investment thesis, believing that the good fortune stories of early investors were a wonderful impetus to invest their money.
The platform will offer a tempting offer called the Racsterli package. For example, for an investment of N14,000 and a guarantee of N21,600. The highest point of investment called “Topaz” earns an N9. 3 million investor when he invests N20 million. Other grades are Diamond, Ruby, Platinum and Emerald, among others.
As is the case with high-reward systems, positive stories of investors who have earned their returns create concern that they are missing something, which then provides a feed floor to attract more investors.
In addition to the eye-catching return on investment (46-58%) promised in a short period of time, many other people were attracted to the program through the most influential people who advocated for the program.
Quam Adebola, a designer who lost several hundred thousand people, said:
“Naturally, I wouldn’t fall victim to such a scam since I haven’t traditionally had any luck with many investment plans. However, I was attracted to the investment because of Davido’s video endorsing the platform.
“I even had to exercise a lot of other people with me to invest and because of me they lost a lot,” he said, lamenting his actions. “I don’t know how to deal with those other people. I feel like they trusted. I and I broke that trust,” he added.
The company’s founder, Michael Chidiebere Oti, has also enlisted the help of superstar celebrities to help advance his platform. One of them Afrobeats Star, Davido.
In the 30-second video seen through Nairametrics, Davido said, “What’s new for everyone. I need to introduce you to one of the largest investment platforms in Nigeria, racksterli. com. Be sure to visit the online page and invest. There are many opportunities there. With Racksterli, you are paid between 12 and 24 hours, you are paid in instant payment. He has been very reliable for the past six months.
Rackterli has also won hearts through moves like sponsorship systems and mobilizing celebrities like Nancy Isime, Williams Uchemba and others to motivate more people to invest in his show.
The platform claimed that the accumulated budget is diversified into real estate, forex trading, cryptocurrencies and other trading enterprises. The real estate business is also considered one of the top cash resources and generated enough profit to pay investors until it simply doesn’t deliver longer.
Everything collapsed when the company could no longer achieve the expected returns on investment. According to our research, those plans encounter difficulties when new investors sell out, causing a surprise in the inflows of money that are relied upon to pay investors whose payment was due.
Initially, the reasons given were that they had problems that indicated that the invested capital was safe. Despite the apology, investors’ money remained unpaid, forcing the company to look for what idea would be a solution.
Mr. Michael Chidiebere Oti informed investors that they were contemplating the promotion of some of their homes to increase the budget, so that they could start paying investors. They also told investors that the payment will also be made with the budget retained at that time.
In one of them, it could have been a sign that something was wrong, the company informed investors that they could also invest the same amount they were owed to complete their payments. Worrying as it may seem, some investors have fallen into the trap.
“Some people, who thought they might have lost their funds temporarily, collapsed again,” Adebola told Nairametrics.
“For me, I knew this was the end of our money and I didn’t bother to load more money. He just waited and prayed that God would touch his spirit so that he could pay us our money. “
It’s been over a year, and yet Racksterli’s investors have yet to get their money back. Although the total amount at stake is unclear, it is unlikely that you will be reimbursed the full amount of your investment.
The company is also inactive lately and, according to the data collected, neither the platform nor its founder have made any official statements related to the payment to investors.
On its Instagram page, a post it dev. racksterli. com, the new platform celebrated 37,000 fans as of June 6, 2021.
Many of his patients also seem to have gone on with their lives since then, although many still carry the pain deep within themselves. Some of the frustrated patients wonder why Racksterli or Michael Chidiebere Oti have not yet been brought to justice.
A user known as Akanoaaa on social media said: “It bothers me that nothing has been said or done about this guy since. He ripped off thousands of Nigerians and their platform (racksterli) so popular at the time and all acting like nothing. “it had happened.
“The guy is at IG to prove his ill-gotten wealth and no one has said or done anything. “
Another user, Olaboy3, wrote: “I why BlackGold is still excluded from all this. He brought Davido, Nancy Isime and even introduced a TV screen to make the Racksterli scam look real.
“I saw him a few months ago in Lekki with about four policemen in 2 GWagons. I just shook off my end by regretting how my hard-earned money collapsed.
For Moses Patrick, who also lost a significant sum with the platform, his pain is the fact that everyone has gradually overcome all this and Michael will probably pass without a stumbling block to face the law. Most Ponzi schemes have a similar fate, especially in Nigeria.
Although a direct message was sent to the Lagos PRO State Police about any clues related to the case, we were unable to get a reaction from them at the time of publication.
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His GPS responded. Make sure your GPS is turned on and check again.