Story: Someone pulled off a successful Rice CBEX Ponzi Scheme in Auchi, Edo. Carting over ₦20M.

He opened a shop selling food stuffs, then decided to do a rice promo to sell a 50kg ₦60k bag of rice for ₦20k.

Claiming that, it was a Federal Government subsidized palliative empowerment initiative. Made banners and fliers, distributed with a team of ‘government’ workers.

What started small, travelled quick and he sold over 100 bags of rice in days. But the crowd only grew bigger. i.e. more demand.

As he ran out of stock, between Monday and Wednesday, he told them to pay ₦20k each to book their slot, that the next morning he’d be back with more rice from customs.

About 1,000 people made orders, paying ₦20k each including “smart” traders all looking to exploit the opportunity.

Now, since Wednesday him and his team are no where to be found.

The shop is empty, his numbers are switched off, the CAC number on his fliers and banners are non-existent. He collected payment in only cash. — Untraceable.

Yesterday, furious customers destroyed the shop and took what’s left of it.

Apparently, he wasn’t just selling rice. He also added oil, tomato, peppers etc to literally Spice up the deal.

Turns out the first set of people he sold the first rice to, were all in on it.

Naijauser