Exclusive: Siblings in forex scam as 3,500 investors demand N2bn deposits

The dream of no fewer than 3 , 500 people to make easy cash through forex trading has become a nightmare after they were defrauded of their money estimated at N 2 bn .

PUNCH Metro learnt that the victims deposited money in a binary options company, BTD Multi - Global Company.

The company, established in 2015 , reportedly promised 20 per cent returns per month on every deposit , and was good to its promise for two years .
However, in 2017 , the company was alleged to have stopped withdrawals from accounts by depositors.
Our correspondent gathered that after widespread complaints , the company in June 2017 called for a meeting of investors at its office in Ile Ife , Osun State , and sought a six -month grace before any withdrawal.
Within the period , our correspondent was told that the company emptied all accounts and shut its office, while the founder and President of the organisation, Bowofade Adewuyi , a 24 - year - old dropout of the Obafemi Awolowo University , fled .
His 22 - year - old brother , Adedotun, who was said to be the Vice President of the firm, was , however , arrested by the Economic and Financial Crimes Commission .
One of the victims , Pastor Olubunmi Adeleke, lamented that the money of his family members was rapped in the scheme , claiming that a woman he introduced to the firm, Alhaja Laide Aminu , had died from hypertension.

The 55 - year - old Oyo State indigene said, “My son, a student at the University of Ibadan , introduced me to the scheme in 2015 . He said the company was into forex trading . When we sent money to them, they acknowledged with email . That was before the founder, Bowofade , absconded with our money .
“My investment is close to N 12 m , because I have two active accounts . We used to roll over our profits . Sometimes you can deposit N 500 ,000 . When the money increases to, say N 750 ,000 , you can leave it for another month to get 20 per cent of that sum.
“We started having issues about one year ago when he (Bowofade ) said the company wanted to move from binary to premium options . He added that the market was low and we should give him six - month grace period. He said within that time , nobody should withdraw money . We believed him until he ran away .

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