How ‘real estate firm’ swindled 4,000 Nigerians in new Ponzi scheme

Six months after the infamous N1.3tn CBEX Ponzi scheme crashed—wiping out the savings of more than 600,000 Nigerians—another wave of unsuspecting investors has walked into a fresh digital trap disguised as a real estate venture. In this investigation, IMOLEAYO OYEDEYI uncovers how a shadowy platform known as EMAAR duped over 4,000 people using fintech accounts, leaving families devastated and searching for answers.

Thousands of Nigerians have poured funds into EMAAR, a platform introduced between July and September 2025 with promises of quick returns within 10 days. Like CBEX, it collapsed suddenly—on October 27—before most investors could withdraw their money.

While CBEX presented itself as a cryptocurrency platform, EMAAR operated under the guise of a virtual real estate investment firm with no verifiable office or physical presence. Victims across the country told Saturday PUNCH that the operators masked their activities through multiple Telegram groups and collected funds through Kuda and Moniepoint accounts.

A faceless group with no legal footprint

Findings show that the group behind EMAAR ran several Telegram channels—including an “official” group with more than 4,000 active investors. Others had over 1,400 participants. All channels were locked immediately after the crash.

A search of the Corporate Affairs Commission database revealed no registered company matching the identity used by the operators. Although some companies bearing the name “EMAAR” exist locally, none is listed as a real estate investment firm.

Additionally, the logo used by the operators mirrors that of EMAAR Properties, a reputable real estate company in India, though there is no proven link between the two.

The Moniepoint account used to collect funds was registered under the name CreditB-24H—a name similar to a Romanian property developer, with no traceable connection to the group defrauding Nigerians.

Victims recount painful losses

Ibadan engineer loses N1.8m

A computer engineer in Ibadan, who spoke anonymously, said he lost N1,828,000 after a close friend—whom he trusted—introduced him to the platform.

According to him, investors were told that funds committed for one or two months could be withdrawn quickly, while yearly plans required longer wait times.

“I planned to withdraw that week,” he said. “But before I could do anything, the whole platform disappeared.”

He added that over 4,000 investors attended nightly Telegram meetings with the scheme’s managers, who reassured participants until the sudden crash.

The man said he remains ashamed to speak openly about his loss:

“It is painful that someone like me, who always warned others against Ponzi schemes, ended up being a victim.”

Kaduna family loses N500,000

In Gidan Waya, Kaduna State, an artisan, Mr Dennis Iliya, his wife, Emmanuela, and their relatives jointly lost about N500,000.

Iliya said the platform demanded an additional N10,000 from each member after the crash, claiming it was required to “recover” their funds.

“I refused, but many paid. None got anything,” he said. “Two days later, the admins deleted their Telegram accounts.”

Emmanuela, a corps member serving in Kaduna, confirmed that several family members also lost money.

“In the end, we didn’t get back a single naira—not the capital, not the interest,” she lamented.

Losses spread nationwide

Victims in Plateau, Rivers and other states also narrated similar experiences—many losing amounts ranging from N70,000 to over N200,000. Some heard about the platform from family, neighbours or close friends who had also been deceived.

A Plateau victim, Johnson Jonathan, said he lost N212,000.

In Rivers, Precious Promise lost N128,000.

In Kaduna, Bernard Sylvester said he reinvested his first successful withdrawal—only for the platform to collapse days later.

Despite widespread losses, the total amount stolen remains unclear.

EFCC asks victims to file petitions

The Economic and Financial Crimes Commission urged victims to file formal petitions so the agency can begin an investigation.

EFCC spokesperson Dele Oyewale expressed disappointment that Nigerians continue to fall for such schemes despite repeated warnings.

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“People are not doing due diligence,” he said. “Many fall victim because of greed.”

Fintechs respond: Moniepoint, Kuda react

Moniepoint Microfinance Bank advised victims to formally report the fraudulent transactions through their banks and law enforcement.

A bank official confirmed that the merchant account used by the scammers had been deactivated, and refunds were ongoing for cases backed by court orders.

Kuda Microfinance Bank, however, said it could not share customer-specific information due to privacy regulations. The bank emphasised that all fraud allegations are taken seriously and investigated internally.

Experts blame lax oversight, rising desperation

Financial analyst Prof. Sherifdeen Tella called for increased oversight of fintech operations by the Central Bank of Nigeria. He said economic hardship and poor financial literacy continue to fuel Ponzi participation.

The Centre for Anti-Corruption and Open Leadership also warned that recurring Ponzi collapses undermine public trust in digital finance, noting that fraud syndicates are becoming more sophisticated.

“If unchecked, these schemes could cripple confidence in legitimate fintech innovations,” said CACOL Director Debo Adeniran.