The police are investigating a Ponzi scheme after several Maltese people reported losing hundreds of euros.
The scheme, run by a company calling itself Fenton Malta, required individuals to invest money to be eligble to access exclusive services. The company claimed to provide social media services such as video sharing and liking, with those who invest getting money back daily.
Charity events by the company were also held, Times of Malta is informed. Attempts to find the company’s website and contact details have proved futile. A Facebook page called Fenton Malta only has a handful of posts on how to use the app, posted on June 8. A link to the company’s website no longer works.
But while initially the company’s promises seemed to have been kept, with users getting daily deposits which they could withdraw, those payments suddenly stopped at the end of June.
One user, who did not wish to be named for fear of repercussions, said he first invested €1,000 on June 14.
“I immediately started getting €45. I had seen relatives and colleagues using the app and they too were getting the money back, that is why I joined.
“I was also added to a Whatsapp group with some 250 other people from Malta and there would be daily updates,” the user said.
Then, on June 29, users realised they did not receive any payments.
“When we flagged it to the group’s admin, we were told there were some delays but we would be getting the money. Soon after, the group…
