Flamboyant South African based Zambian businessman, Ian Mvula, has been reported to the FBI by Nigerian investors who paid millions into his crypto tokens platform, Africa Consolidated Exchange (ACEX).

Investors allege that Mvula has converted their investments into shareholding in ACEX , without their consent, and they have not received dividends.

The ACEX platform, which was meant to be Africa ‘s first  consolidated exchange, has since collapsed after disagreements between Mvula and his software developers.

Details of the investors complains 

1. Mvula approached at least investors to invest in his TE Capitals and TE Markets Limited Crypto Tokens, through Zoom seminars.

2. In 2020, At least 15 Americans invested USD10 000 each. At least 15 Nigerian and Kenyan professionals also invested in the tokens.

3. Mvula visited Kenya, during which visit he recruited more Kenyan investors. Nigerian investors started recruiting other investors on Mvula ‘s behalf.

4. Mvula invested in  a coal mine in Mpumalanga and took some Kenyan investors on a tour of the mine when they visited South Africa. Kenyan investors started recruiting on Mvula’ s behalf. The mining company folded after disagreements with a joint venture partner.

5. In 2021,Mvula stopped paying dividends.

Mvula’ s response 

In repsonse to the allegations, Mvula said:

1. He is not aware of any investigations on his businesses.

2. He did not ask any Nigerian or Kenyan investors to recruit others, and they did this of their own accord as influencers.

3. Mvula said many early investors have received massive returns on their investments and have bought houses, cars and have sent their kids to expensive school.

4. The new ACEX platform will re-open this week with a new Indian company developing the platform.

Please see further updates from Mvula below.