A new ponzi scheme is making waves in Nigeria following the gradual disappearance of Mavrodi Mondial Moneybox, popularly called MMM which has been embroiled in serious controversy.
The new ponzi scheme that is fast gaining popularity is called Twinkas. The scheme promises would be paticipants a whopping 200 percent return for their money. That means, if you put N50,000, you make a profit of N50,000 making it N100,000 in total.
According to the site, Twinkas participants do not have to wait till the end of the month to get back their money. Twinkas said when the donation of a member is confirmed, the system will automatically assign 2 other registered people who will also pay the joining amount each into the bank account of the member within 15 days.
Information on the ponzi scheme website read: "When you join, you will need to donate the sum of either N5000, N10000, N20000 or N50000 to a fellow member assigned by the system or your direct link, and the member will then confirm your donation and then the system will automatically assign 2 other registered people under you from spill overs who will also pay you the joining amount each, into your bank account, making 200 percent (i.e. 200 percent of N5000 is N10000, 200 percent of N10000 is N20000 200 percent of N20000 is N40000 and 200 percent of N50000 is N100000).
The Federal Governent and the Central Bank of Nigeria, CBN, has already warned Nigerians against investing in ponzi schemes, in order not to suffer the unfortunate fate of participants of the once popular MMM.
Comments