I’ve lost count of the people who’ve contacted us in the last few months about a so-called investment scheme called EurexTrade.

I’ve heard probably of dozens of people who have invested anything from P1,000 to P500,000 in this scheme.

They’ve heard stories of people making enormous returns on their “investment” and of people becoming rich, or so they think.

The problem is that EurexTrade is a Ponzi scheme. Some of the investment you make when you join this scheme is paid directly to the people who joined before you.

The people who join after you are paid some of your joining fee.

There are no actual investments in a Ponzi scheme, it’s just “robbing Peter to pay Paul”.

What’s more, the payments you receive are almost always just payments on a computer screen, you don’t actually get the cash in your hand.

Even if you do get a small amount it will be tiny compared to the amount you gave them.

One curious thing is that this is a scheme focused largely on Botswana.

Around a half of all the contacts they list on their web site have phone numbers starting with “+267”, even the ones for neighboring countries like Lesotho, Namibia, South Africa and Zimbabwe.

A little detective work comes up with some curious things. The companies who own EurexTrade which is itself based in Panama, are based in the British Virgin Islands, a renowned tax home for dodgy companies.

These parent companies have a very checkered history.

They’ve been involved in running guns to Sudan from Eastern Europe, appear to have been involved in various corrupt practices in Ukraine and were reported to have run a previous Ponzi scheme called Rockford Funding which, according to the US Securities and Exchange Commission stole over $100 million from it’s victims.

My recommendation is simple. If you’ve already given EurexTrade money do whatever you can to get it back.

I’m not sure if you’ll manage to but at least try.

If you’re considering handing over your money DO NOT DO THIS. Please, don’t.

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