Panic as alleged Ponzi scheme XM Future Music collapses

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An online investment platform identified as “XM Future Music Group” has reportedly crashed, leaving many Nigerians unable to access their funds amid growing fears of another failed Ponzi scheme.

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Users of the platform alleged that withdrawals suddenly stopped within the last 24 hours, while support groups were either muted or deleted and the website became inaccessible.

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The platform, popularly known as “XM”, reportedly promised subscribers returns of up to 100 per cent within 30 days through a scheme that claimed users could earn money by listening to music and completing online tasks.

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Reports indicated that subscription packages ranged from N21,600 to as high as N93 million, with promoters allegedly advertising extraordinary returns, including claims that a N21 million investment could generate N327 million within one month.

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To gain full access to the scheme, users were also reportedly required to pay a “work deposit” after an initial trial period.

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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.

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According to a post on X by user Mazi okwuoma, 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.

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“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.

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