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Is Moringa a scam?

Investment | Specialist Helpful? 4

Asked by Pazos73, submitted 03 December 2011.

Open Quote Is Moringa definitely a scam? Should I cut my losses?

I posted this as a comment on an earlier article, but as that was a thread nobody has commented on for a couple of months I thought I'd better submit it again, as I need to make a decision on this soon.

I was persuaded to invest in the Mozambique Moringa project earlier in the year, with Insight Group plc. I purchased 2 hectares worth of plantation, which was to be a total investment of nearly 7000USD over 3 phases. I have already paid the initial costs and the planting costs (nearly 6000USD), and I'm now being asked for the final "trade payment" of just over 1000USD.

I don't know why I didn't get more suspicious initially - just too naive I guess, and very good salespeople - but I am now, particularly following your earlier article and related comments. Do I understand there are people who are experienced investors who still vouch for this, or is it definitely a scam?

My options are either (1) not to make the final payment, and thereby definitely say goodbye to the 6000 I have already paid, or (2) pay a further 1000, possibly to a fraud, but keep alive the chance that I might get a return if it does turn out to be genuine

Please don't just say I shouldn't have invested in something so risky - I know that now, and next time will be wiser. But I need advice on what to do in my current situation. Is there a chance it's still genuine, or should I just cut my losses for the sake of saving the final 1000USD??

Thanks for any advice you can give.
End Quote

Answered by Justin on 14 August 2012

Very sorry for the slow reply - I got overwhelmed with questions during a period I had little time to spend on the site, still working my way through the backlog. I realise it's a bit late to help with your particular decision, but in the hope it helps others:

Run a web search (as I'm sure you have) on Insight Group plc and you'll find a lot of conflicting information, especially on investment forums. There are plenty of accusations that the business is a scam, but there are also some posts claiming to be from happy Moringa investors. The trouble is, it's neigh on impossible to verify such posts, which doesn't leave us much the wiser.

However, given Insight Group's website no longer properly works and their phone line is dead, I think we can assume the worst. I sincerely hope you got some sort of return on your money. Would be interesting to hear what's happened since you sent in your question?

For annyone else reading this, my overall advice has to be never touch any investment that isn't authorised and regulated by the FSA, unless you thoroughly understand what you're buying. And if it seems too good to be true, it is. Investment salepeople wouldn't waste time flogging such investments if they really are as amazing as they sound - they'd simply invest themselves then retire.


Please note this answer does not constitute a recommendation or financial advice and should not be relied upon when making specific investment or other financial decisions. You should always undertake your own research into whether a product or service is appropriate for your needs and, if necessary, use a qualified professional adviser.

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Readers' Comments (2) - To post a comment please register or login .


Comment by InsightAction at 3:24pm on 04 Sep 2012:

Please get in contact with us through

insightactiongroup@gmail.com

We can confirm that Insight Group PLC is a fraud company run by Joe Upchurch and his (ex) wife Renee Muir.

We would be interested in getting all the facts of who contacted you and how recently and by what mean etc.

Please do get in touch with us.

Regards
Insight Action Group


Comment by justin at 9:45am on 05 Sep 2012:

Just a quick note to say I've got in touch with the above Action Group and they appear to be a genuine group of investors who've lost money via Insight Group and are taking legal action to try and recover funds.

If you're a disgruntled Insight Group customer it's probably worth getting in touch with the Action Group to find out more.

Justin