Loom doom: Re-emergence of a ponzi scheme

Ponzi schemes are fraudulent promises of high rates of return with little risk to investors and “Loom” (the newly emerged Ponzi scheme) exemplifies every word in this definition.

Loom works by investing a specific amount of money with the promise of making back 8 times your initial amount by the investee.

2016 saw the rise and fall of MMM, which pushed CBN and other legislative bodies to issue a stern warning to Nigerians against Ponzi Schemes.

Ponzi Scheme

Ponzi/Pyramid schemes are never sustainable and wind up leaving people very bitter. It is advised that anyone stays away from such.

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