On Tuesday October 27, police arrested members of TBY, a Buea based multilevel marketing scheme over misuse of investment funds.
It was a total sum of xaf 800 Million investments contributed by multiple investors who trusted the network marketing scheme. It promised to double their investments within 30 days
“When you invest xaf 100, you received xaf 200 within 30 days.
It was a 100% return on investments and they called you to confirm your account number each time a profit on investments was supposed to be sent” the first investor told us on phone
Among those arrested is Buea based prophet Samuel E. Molombe
It is not sure what part the clergy played in the company’s problems but social media grew wild when images flooded the internet revealing him handcuffed among the group of 5 arrested
CNA said “the clergy was tasked with the buying of a building for the company”
We can’t independently verify this
Another investor we spoke to was still in tears over the company’s shutdown, Tuesday October 28 was supposed to be his biggest payout day
“I really can’t say.. I’m still in shock with TBY ,they were to begin my payouts today and they’re saying the government confiscated thier properties
And that the government says they will do the payouts so all of us investors are to go to Douala to collect our money at the police station at Bonanjo” he recounted to us
While this is a developing story, the group is yet to be placed before the press for their own coin of what happened to the funds
Police authories are yet to accept press confrontation
The founders have spent their first night in custody and the police released their images with cards on their chest, labelled with their names and ages
Less than a month ago, MIDA and AFRICA LIF, two other MLM investment companies shut down leaving investors over debts
This is a developing story…
Since 2017, we have staked our lives to provide tailor-made news reports to our readers from war zones and hot political rivalries in Cameroon - And we do so for FREE. As a small online media now reaching over 100,000 monthly readers on all our platforms, we have to rely on hiring a small team to help keep you informed The best way to support our online reporting is by considering a measly sum for our team on the ground as little as $1. Now you can make a donation to us below, it only takes one click...