Despite losing Billions in MMM,Nigerians invest in another Ponzi scheme


Nigerians have decided to invest in another ponzi scheme identified as “Loom” just few years after Mavrodi Mundial Moneybox (MMM), crashed in Nigeria.

Organisers of the ponzi scheme have asked people to invest as low as N1000 or N13,000 and get as much as eight times the value of the investment before 48 hours.

Unlike MMM, where there is a website and its founder (late Sergey Mavrodi) is well known, the promoters of Loom are elusive while the pyramid scheme operates via closed groups mainly on Facebook and Whatsapp.

According to reports from the Daily Mail had reported in April that ponzi schemes resurfaced online all over the world, with different names such as “Loom circle”, “fractal mandala” and “blessing Loom”.


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