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Will this company, Binomo Investment, guarantee you returns in 45-minute?

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 A group on Facebook along other similar posts and pages mentioned BINOMO INVESTMENT’s pledges to double the amount of money invested with the company within 15-45 minutes by venturing into Forex trade.

The posts lingering on Facebook about Binomo Investments pledging to double the amount of money invested with them by venturing into Forex trade is a Fraud. The National Information Technology Development Agency (NITDA) has confirmed that it’s a fraud and other facts gathered by Dubawa point to that as well.

Full Text

Recently, there has been an avalanche of posts on Facebook regarding Binono Investment, an enterprise spearheading an investment campaign that claims to pay investors double of what they have invested within 15-45 minutes in the company’s FOREX trade. The trend appears to have its source from a Facebook group titled, “Binono investments” which has over 85 likes and multiple post shares across Facebook. 

Similarly, several Facebook users have been sharing testimonials of how they have profited from the business in the form of screenshots that exhibit credit alerts as benefits of their participation in the said investment. One user shared how she had incredibly benefited from the investment.

In the past, charlatans have defrauded many people of their fortune by claiming to be investors and the prevalence of Binomo Investment at a time when people are financially desperate calls for investigations over the truth of its claims. 

Verification:

To start our investigations, we reached out to the National Information Technology Development Agency (NITDA), the official government body that develops and regulates information technology in Nigeria. The agency revealed via phone that:

“The Binomo investment is a fraud; Nigerians should be warned and wary of such investments that profess to double their money if they invest”.

Furthermore, BINOMO INVESTMENT claims to offer double the investments made within 15-45 minutes by trading in FOREX trade. Though forex is a legitimate investment that deals with the exchange of national currencies against one another, the assurance to offer back profits to investors within 15-45 minutes, with no risk, is rather an absurd pledge that should raise eyebrows. Moreover, considering the possible liquidity crisis in the Forex market; the devaluation of the Naira in relation to the currencies of most countries due to monetary policies in the wake of the Coronavirus pandemic, this over-enthusiastic claim invites further scrutiny.

Thus, Dubawa requested the views of the original company, BINOMO, a UK-based broker corporation which gave the following response:

“Dear friends, please know that either “Binomo Investment” or “Binomo Trade” is not related to Binomo at all. We do not have agents. You can visit our website at http://binomo.com for more info about our platform. We urge everyone to be vigilant. Be careful and take care!”

Even more red flags…

One suspicion about the said investment is its inconsistency over its own label. It repeatedly kept dilly-dallying over the real spelling of its enterprise on its official Facebook page,  a practice that is uncommon with standardized outfits.

Binonmo” “Binono” “Binomo”

If such an obvious oversight is apparent in their layout, it then should be a cautionary indicator for prospective investors not to trust them with their investments in a high stakes industry like Forex. 

Further, a series of Facebook users have expressed dismay about how the same Binomo Investments hacked into their Facebook accounts to post fake screenshots of credit alerts as testimonials to mislead unsuspecting members of the public into acknowledging that Binomo Investment is not fake. 

In an interview with one Facebook user, she explained to us how Binomo Investments hacked into her Facebook account: 

I tried to log in to my Facebook as I usually do but it continually failed to, and later some my friends called to ask about the unusual activities on my timeline in what they described to be Binono” 

Conclusion

The Binomo Investment is a hoax. All evidence uncovered has shown that this is not a genuine company and that prospective patron should be warned.

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