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.
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.
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.
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.
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.