Cases of investment scams have continued to rise in recent years, especially after Mavrodi Mundial Movement (MMM), a Global Ponzi scheme launched in 2015 before it shut down.
Unfortunately, the demise of MMM has not stopped more Ponzi-like schemes from appearing and fleecing unsuspecting Nigerians of their hard-earned savings.
One such investment scheme that some of our readers remember for loss of their money is Racksterli, an investment platform introduced by Michael Chidiebere Oti, also known as Black Gold.
The so-called investment platform emanated after the 2020 Covid-19 crisis that forced a lot of Nigerians to search for alternative investments with significant returns.
Racksterli provided this platform to many who had bought into their investment thesis believing that the success tales of early investors were a great impetus to invest their money.
The platform offered a mouth-watering deal which is called the Racsterli Package. For example, for an investment of N14,000 and a guarantee of N21,600. The highest tier of the investment named “Topaz” earns an investor N9.3 million when you invest N20 million. Other similar tiers are Diamond, Ruby, Platinum, and Emerald amongst others.
As is the case with high reward schemes, positive stories from investors who had received their returns create a fear of missing out, which then provides a feeding ground to lure more investors.
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