Over 10000 Investors Lose Over N10bn at Chinmark Investment Platform Suspected to be Ponzi Scheme

Investors have called for the arrest of Marksman Chinedu Ijiomah, Amanda Chisom and other principal officers of the folding investment scheme FinAfrica.

The call for the arrest followed the firm’s inability to pay a Return on Investment ROI to their teeming investors since December 2021.

Charity Reporters gathered that over 10,000 investors in the Chinmark Group investment platform FinAfrica- stands to loose N10b.

While Ijiomah is the founder of the company, Amanda Chisom is one of the brand ambassador and influencer who lured thousands of investors into the scheme.

Financial experts say investors stand to lose more than N10 billion in the scheme, describing it as a ponzi.

Ijomah is also said to have restructured ownership of physical assets belonging to the firm, removing his name and that of his wife as directors.

For instance, a CAC search on Chinmark’s group companies showed that Mr Marksman Ijiomah had changed the name of the hotel at Enugu from Chinmark Suites to Bridge Suites.

According to yet to be verified reports, he removed his name and his wife’s names as the Directors of the hotel and used different sets of people.

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“Over 10000 Investors Lose Over N10bn at Chinmark Investment Platform Suspected to be Ponzi Scheme”

A lawyer, Collins Ogonnaya Arikor said that due to the restructuring, investors can’t attach the hotel to recover their investment if they don’t get paid since the existing fact presupposes that Marksman Ijiomah doesn’t own the hotel.

“So while people are busy thinking there is an asset on ground – the hotel, there’s basically nothing.

“The other companies – i.e. the mall, logistics, food, real estate etc – are merely existing on paper. What we call “shell companies” in law. There are no verifiable businesses that can be linked to the companies. There are no assets linked to the companies.

On FinAfrica, the company peddled as the investment arm of their group, the lawyer explained that the object of the company, as registered by the CAC, is “general merchandise”.

“There is absolutely nothing remotely like investment in the business of FinAfrica. In any event, the company’s accounts are allegedly frozen by the law enforcement agencies, so how and where will the money to repay investors come from?

“Well, I shouldn’t be surprised, but I am. Honestly. If this isn’t a premeditated, calculated plan to defraud people of their hard-earned monies then I don’t know what else to call it”.

Another lawyer, Azubike Ihemeje described Chinmark businesses as a ponzi.

According to him, Chinmark Ponzi scammer may have defrauded close to 10 Billion Naira he swindled from the public.

On 25 December 2021, the Security and Exchange Commission, SEC, warned Nigerians against investing in FinAfrica.

The government regulatory agency in a statement said “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED).

“The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and uses the funds in entities under Chinmark Group.

“The Commission hereby notifies the investing public that neither FINAFRICA INVESTMENT LIMITED nor Chimark Group is registered by the SEC and the Investment Scheme promoted by these entities are also not authorized by the SEC.

“In view of the above, the general public is hereby WARNED that any person dealing with the within named Company in any capital market-related business is doing so at his/her own risk”.

Over 10000 Investors Lose Over N10bn at Chinmark Investment Platform Suspected to be Ponzi Scheme