Loom Money Ponzi Scheme 2019 – Real Or Fake?

When we thought Ponzi Schemes has come to an end in Nigeria, here we are with yet another one called Loom Money. Loom is the latest ponzi scheme making waves in Nigeria.

Years back when MMM and the likes were still reigning, the early birds are the ones that enjoyed the platform. Then in December 2016, MMM crashed, and thousands of Nigerians lost millions of Naira on the platform.

Nigerians who lost their hard earned money in the scheme vowed not to partake in any Ponzi scheme again, but now, it appears that most Nigerians have had a rethink and are fully into Loom, another Ponzi scheme in Nigeria.

How Does LOOM Works?

The scheme which was first reported in the UK, then by an Australian media, ABC News (Australian Broadcasting Corporation) as a scam after it had gone viral in Australia, commenced in Nigeria recently.
  1. The first step of the process is being invited to join a WhatsApp group chat, usually by a friend or relative. Then you are asked to ‘invest’ N1,000, N2,000 or N13,000 with a promise that you will make eight times the amount back once you recruit new entrants.
  2. After you have paid in the money, you are asked to invite at least one person to join the system.
  3. There are four levels in Loom Nigeria – Purple, Blue, Orange and Red.
  4. Each time eight people join the loom, the person in the centre (Red) will get the target amount and leave the group.
  5. The loom will then split into two groups. The top half and the bottom half become the new looms and everyone moves into the next level (Purple Level – into Blue Level – Into Orange Level) and the cycle begins again.

The more people you manage to add to the circle, the quicker the movement of it, and thus, the easier it will be for you to make your own money.

The basics are that you get eight times the amount you “invest.” If you invest N1,000, you get N8,000; if you invest N2,000, you get N16,000; and if you invest N13,000 you will get N104,000

However, in every Ponzi scheme or business, there will always be Testimonies from the early users. But that doesn't make the business a legitimate one, especially Ponzi Schemes.

Everything in life is all about Risk, quite alright, I understand. But note that there's no big difference between LOOM and DOOM!

Please let's hear your own say in the comment box below. Are you already into Loom?

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