(CMR) Nearly 50,000 Jamaicans have lost millions in a Ponzi scheme, which crashed on January 29 after operating for a little over a year in the country, the Jamaica Observer has reported.
According to the Observer, Warner Media Jamaica swindled millions from Jamaicans, some of whom borrowed money to invest. The losses range from $7,500 to as much as $3 million per individual.
Individuals who invested in the venture were sent a message on January 29 that the system would be updated for two days, rendering it impossible to withdraw any money they had in the app. On February 1, they got another surprise message from the head of the venture, saying that her boss had “run off with the money.”
“I tried getting into the account for a few days and nothing, and after that, it was just pure chaos in the WhatsApp group because by then we figured that we were scammed,” a man who invested his life savings in the venture told Jamaica Observer.
Some people said they borrowed money to invest with Warner Media Jamaica after seeing others reaping huge returns on their investments.
According to the Observer, Warner Media Jamaica is the spin-off of an entity, Get GXL, that allegedly defrauded thousands of people in Trinidad and Tobago last year.