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Home»Business»All You Should Know About Loom Ponzi Scheme
Business

All You Should Know About Loom Ponzi Scheme

David FolamiBy David Folami3 Mins Read
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Since the introduction of the MMM Ponzi scheme in Nigeria, we have had diverse Ponzi scheme make Wave in Nigeria. The story is the same for most of them, they all require referrals. Early participators make huge gains, the late participators often end up getting hurt. In case you stumbled on this article in time, here is all you need to know about Loom  Ponzi Scheme before you dive into making your investment.

Loom Ponzi Scheme

How Does The Loom Ponzi Scheme Work?

The scheme first became known in the United Kingdom, then ABC News (Australian Broadcasting Corporation) — an Australian media — and the two countries described it as a scam after it attracted several interested persons in Australia.

When it comes to the initial process of partaking in Loom, Nigerians get invited by a friend or loved one to join a group chat on WhatsApp. Then, you will be told to “invest” ?1000, ?2000 or  13000 with a promise that you will receive it in 8 folds as soon as you bring in new members.

  • Must Read: Top 5 Ponzi Schemes In Nigeria That Rocked The Nation

After paying, you need to attract one person, minimum, to sign up for the scheme too. Loom Nigeria has 4 levels: Blue, Orange plus Red.

Every time eight partakers register in the system, the member in the center (in color Red) will reach the target amount and quit the WhatsApp group.

Then, the loom will be divided into two groups and the top half, plus the bottom half, now become the new looms. And all participants progress into the next level, which is Purple Level->Blue Level->Orange Level. Then the cycle continues.

  • Must Read: 10 Best & Lucrative Business Investment Ideas in Nigeria + Africa

The higher the number of people you bring to join the scheme, the quicker you will progress, and the simpler it will get your own share of “easy cash.”

What you must know is that they say you get to receive the amount of cash you invested, multiplied by 8. If you invest in 1000, ?8000 is waiting for you, if its 2K, ?16000 awaits you, but if you go big with 13000, then 104000 will be yours in future.

  • Must Read: Types of Companies in Nigeria (Forms of Business Organisations)

Now, there are no guarantees with Ponzi schemes. You will hear testimonies but even those can be a scam a well. So invest your money at your own risk.

As mentioned earlier, Ponzi schemes are usually benefited by people who make earlier investments. You are strongly advised to desist from investing in late in any Ponzi scheme, including the Loom Ponzi scheme.

Loom Ponzi Scheme Nigeria Ponzi

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