MALTA SCAM EXPOSED: Hundreds Lose Thousands in Ponzi Scheme, Police Launch Investigation
A Sophisticated Ponzi Scheme Uncovered
A large-scale Ponzi scheme has been exposed in Malta, leaving hundreds of individuals reeling after losing thousands of euros by investing in a company called Fenton Malta. The scheme promised daily returns and exclusive social media services to investors.
How the Scheme Worked
The scheme required individuals to invest money to gain access to exclusive services, including video sharing and liking on social media platforms. Initially, those who invested were paid back daily, but suddenly stopped receiving payments at the end of June.
Key Features of the Scheme:
- Promised daily returns
- Exclusive social media services (video sharing and liking)
- Required investment for access to these services
The Consequences
One victim, who wished to remain anonymous, invested €1,000 on June 14 and received daily deposits of €45 before payments ceased on June 29. The user was also part of a WhatsApp group with over 250 members from Malta, where updates were shared daily.
- The affected user is now €300 short
- Claims to know of others who have lost even more
The victim’s intention is for other people not to fall for similar scams and for those responsible to be brought to justice. “I never thought I would fall for a scam…” he said.
Police Investigation Underway
A police spokesperson confirmed that reports had been received and an investigation was underway, although no further details were provided.
Fenton Malta’s Disappearance:
- Website and contact information are no longer available
- Only a handful of posts on their Facebook page provide limited information on how to use the app
- Charity events organized by the company have also come under scrutiny
A Cautionary Tale for Investors
The incident serves as a stark reminder for investors to be cautious and do their due diligence before investing in any scheme or company.
Remember:
- Independent journalism costs money; support Times of Malta today and help bring truth to light.
- Always research a company thoroughly before investing.
- Be wary of schemes that promise unusually high returns or exclusive services.