…Evidence Shows GMG Scheme Not Legit
An Australian company has issued a disclaimer notifying the general public that it has no link with a new Ponzi scheme discovered in Nigeria called Graphene Manufacturing Group (GMG).
Ponzi Alert: Australian Company Disassociates Self from …, Evidence Shows Scheme
The scheme which pays “investors” 25% of their investment daily has been discovered to be fake and may crash any moment as the founders have continued to keep themselves anonymous. Findings by SecretsReporters revealed that the Ponzi scheme GMG is impersonating Graphene Manufacturing Group Ltd, which is a genuine Australian company that was registered over six years ago on August 10th, 2016.
The company’s operates with the business number 83614164877, and a registered address in Brisbane, Queensland, Australia. It’s a proprietary company limited by shares with its jurisdiction in Australia.
Following the emergence of GMG which is gradually gaining popularity among Nigerians, the Australian company has issued a disclaimer via its website graphenemg.com/ warning that it has no link with the Ponzi scheme going on in Nigeria.
While the brains behind the Ponzi scheme remain unknown, further findings show that the scammers cloned the Australian company’s information and logo and used same on their ponzi website as a strategy to convince unsuspecting victims.
A quick check on the Australian company’s Facebook page @graphenemg and its website, however, shows nothing about the acclaimed investment.
It was further discovered that the website of the acclaimed investment which is gmgtrys.com, was registered on 26/03/2023 and is set to expire on 26/03/2024. The domain was registered on GoDaddy under Domains by Proxy, which is meant to keep the domain owner’s personal information secret, a red flag signaling that investors might lose their money eventually.
One of the signals that also show that GMG may crash soon is the rebate time which keeps shifting, delaying the payment of investors from 24 hours to 48 hours. Another flag noticed during investigations is that funds posted to the Ponzi website are not reflecting real time, which indicates that the Ponzi scheme might be robbing Peter to pay Paul.
It also takes hours for investors to receive alerts after withdrawal, with the system logging them out frequently and displaying connection error messages. There is also no traceable CEO of the Ponzi scheme on social media, and the scheme does not operate on any known decentralized cryptocurrency platform built for advanced security and sustainability.
To fund their wallets on the GMG website, unsuspecting investors pay money into different Pampay accounts bearing different names. The Ponzi scheme then pays a daily return on investment through a company known as Bud Infrastructure Limited, which was incorporated in Lagos, Nigeria, on 21st December 2017, with registration number 1460568.
The current status of the company’s with its registered office address as 18A, Onikepo Akande Street, Lekki Phase 1, Lagos, is unknown. A search online shows that Bud Infrastructure Limited is owned by Adeniyi Olugbenga Oyedele and Folayemi Oyedele. However, SecretsReporters could not ascertain if these directors are behind the GMG Ponzi.
Credit: SecretReporters
