Sir Jeff linked to a Forex scam to the Tanzanian youth. The fake forex trade was promoted on Jamii Forums and X posts by 360 Capital, calling himself a forex trading mentor in the Tanzania forex scam.
A wave of outrage has swept across Tanzania as allegations surface that Sir Jeff, a self-proclaimed forex trading guru, has defrauded numerous young Tanzanians through a fake forex trading scheme promoted on platforms like Jamii Forums and X.
The scam, which promised quick wealth through forex trading, has left many victims financially devastated, with some losing millions of Tanzanian shillings to Sir Jeff’s deceptive ventures, including his now-defunct 360 Capital broking.
Victims report that Sir Jeff, known on X as @Sirjeff_D, initially gained traction on YouTube and Jamii Forums, where he marketed himself as a forex trading mentor.
“Kwa wale wanao uliza kuhusu dhulma niliyofanyiwa na Sirjeff. Kabla ya kuingia X, Sir Jeff alikuwa YouTube, na JF huko ndio alikuwa anapiga harakati zake hapa anaelezea forex,” one victim shared on X, highlighting how Sir Jeff lured youth with promises of financial freedom.
Netizens reveal that his 360 Capital platform allegedly swindled investors, with 90% of depositors unable to withdraw funds, leading to losses exceeding 700 million TZS in 2015 alone.
The forex scam targeted impressionable youth seeking alternative income sources amid Tanzania’s economic challenges.
Sir Jeff’s tactics included flashy social media posts showcasing a luxurious lifestyle, which critics argue were designed to mislead followers.
On Jamii Forums, users have long warned about such schemes, noting that individuals like Sir Jeff sell unreliable trading signals or charge exorbitant fees for mentorship, often without delivering results.
“Mtu kama Sir Jeff anashinda kwenye majengo na hoteli kwa pesa za kutapeli na kuwauzia watu signal mbovu,” one user posted, emphasising the deceptive nature of his operations.
Tanzania’s Capital Markets and Securities Authority (CMSA) has urged investors to verify the credentials of forex trading platforms, as unregulated brokers pose significant risks.
