Douala: Over FCFA 20 billion have been extorted from money-minded Cameroonians looking to get rich quick. The scam was masterminded by a fake online investment platform which had operated in the country for just two weeks.
According to Cameroon News Agency, the closure of a company named ‘Sunrun Cameroon’, which had opened offices in some Cameroonian cities, has left the country in turmoil over the past three days. Many Cameroonians who had placed their trust in the company reportedly invested significant sums with the expectation of huge returns.
The company masqueraded as an online solar company based in America with an affiliated office in Cameroon. It implemented a pyramid scheme that favored early subscribers and primarily targeted young individuals seeking easy profits.
Investors reported that the platform appeared real, reliable, and convincing due to its physical offices in various Cameroonian towns. It operated by persuading potential victims to invest at least FCFA 5,000 in renting solar panels f
or a one-month contract, promising either hourly or monthly income that would double or triple their initial investments by the end of their contracts.
The initial subscribers reaped considerable benefits and, eager for more, began encouraging relatives and friends to join the investment circuit. However, the scheme turned out to be a scam, leaving many unable to access their blocked accounts and with the company offices closed down. Sunrun Cameroon proved to be a well-crafted scam, camouflaged under the guise of renewable energy.
The legitimate Sunrun company, a US-based solar energy firm, confirmed that they do not have any offices in Cameroon. Recent reports from media outlets indicate that the individual posing as the manager of Sunrun Cameroon was arrested in Buea on Tuesday, November 26.
This incident highlights the government’s failure to create jobs or at least provide a favorable environment for job-seeking youths, leading many to fall prey to such fraudulent schemes.