Residents of Cross River State remain vulnerable to fraudulent investment schemes despite numerous warnings. The TAG Investment Platform recently collapsed in Calabar just three weeks after launch. Upon arriving at the company headquarters on Friday, investors discovered the operators had abandoned the premises. The betrayed clients proceeded to strip the office of furniture, bicycles, and supplies like rice in a desperate attempt to recoup their losses.
One trader named Ogwaje shared her experience of investing N500,000, initially doubling it, only to lose the entire amount upon reinvesting. She noted that the operators specifically scheduled payouts for Friday to ensure they could disappear before facing angry customers. Another victim reported having her mobile phone stolen during the chaotic scramble for office assets.
This incident follows a long history of financial fraud in the region, including the infamous Umannah Ummanah case, the MMM craze, the Micheno disaster that cost victims N1.5 billion, and the NRC scheme. Even schemes located on busy commercial streets like Bassey Duke have successfully scammed locals by paying small early dividends to attract larger investments before shutting down overnight.
A representative from the Ministry of Finance explained that these illicit operators never register their businesses, and citizens rarely perform due diligence before handing over their savings. Unless residents stop pursuing unrealistic returns, the pattern of financial heartbreak is expected to persist.