An online Ponzi scheme identified as “XM Future Music Group” has reportedly crashed, leaving their Nigerian customers unable to access their funds amid growing fears of another failed investment platform.
Top Society reports that the platform allegedly promised users unrealistic returns of up to 100 per cent within 30 days through a model that claimed participants could earn money by listening to music and completing online tasks.
Entry packages reportedly ranged from ₦21,600 to as high as ₦93 million, with promises of payouts running into hundreds of millions of naira.
Users of the platform alleged that withdrawals suddenly stopped within the last 24 hours, while support groups were either muted or deleted as the website became inaccessible.
Operating under the name “XM,” the Ponzi scheme claimed users could make money by listening to music and completing simple digital tasks. Entry packages ranged from ₦21,600 to ₦93 million, with promises of payouts running into hundreds of millions of naira. To gain full access to the scheme, users were also reportedly required to pay a “work deposit” after an initial trial period.
However, Future Music Group drew widespread attention after making extraordinary claims, including that an investment of ₦21 million could generate ₦327 million in just one month.
Meanwhile, there has been widespread apprehension within the community over the past 24 hours, when withdrawals suddenly stopped, support groups were deleted, and the platform became completely inaccessible — signs commonly associated with Ponzi schemes.
Amid the outrage trailing the collapse, some aggrieved investors were reportedly captured looting items from one of the company’s offices in Badagry, Lagos State.
According to a post on X by user Mazi Akwuoma, identified as @MaziEzike_Nedu, angry victims allegedly ransacked the company’s office in Apa, Badagry, carting away office equipment after realising their investments were gone.
“Desperate investors carted away office equipment including generators, chairs, fans, and televisions, stripping the abandoned premises entirely empty after realizing their funds were gone,” the post read.
