If you believed or told someone about this, you would have saved him/ her or the person they know from this lose.
hope you remember our last post on questions to ask yourself before investing in a Ponzi scheme. One of the major highlight in it was that, “imagine a site claiming to be supported internationally or they have participant all over the world yet they do business in Naira only (billionhit.com) or the site claim they are located all over the world yet the address ends with 9ja.com and you still want to put your money there? Wake up please.
This news below from
vanguard talks of an “international business” that invests their money in all sort of things with the interest of the poor at heart. But how can they be international yet their site is with this address, www.yd9ja.com. Does that mean their internationality starts in Nigeria? Or are they internationally Nigerian.
I want you to note that, I can come into the country with less say, $100,000 (Hundred thousand naira) that is about #46,000,000 (Forty-six million Naira) I rent a flamboyant office for six month, pay them two million Naira (#2000,000). I hire some five graduates that are willing to take home thirty thousand Naira a month, that is #150,000, then I start recruiting.
Forget not that I will pay the first set of people with my remaining money and any subsequent persons that invest I will pay them with the money from the first set of investors. It is very possible that I can make back the money I invested in tenfold within that six month, depending on how much I stake out as the referrer bonus.
Their intension may be altruistic just the way Cashflow and Fadama in Jos, Plateau state were altruistic but the fact remains that the federal government can in no way watch banks that pay fat taxes fold in place of a business that is already threatening banks which may not be paying tax at all.
Thus, irrespective of their plan and the fact they were certified by the CAC, whether through the front door or the back door, aiding or permitting them is like saying they are ready to watch the banks close.
May be we should pray that some of our loved ones that invested recover their investment. But you should have saved them from the imminent lose by sharing our post.
Another Ponzi Scheme Shuts Down - Masterminds Arrested.
Another ponzi scheme in Nigeria has packed up, with its masterminds arrested as Nigerians are still wondering what happened to MMM..
The Securities and Exchange Commission, Nigeria, (SEC) says it has sealed up the premises of Yuan Dong (YDEC) for unacceptable investment operations in the country. According to Vanguard, the Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors. “Investments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000. “The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis. “The company promises a daily profit of N80 and N2,400 depending on the category of investment,” he said. Abdussalam said the commission’s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme. He said that the commission had established that the company’s activities also constituted a breach of the Investment and Securities Act (ISA), 2007. “Furthermore it was discovered that contrary to their supposed existence in over 20 locations across the country, the company only has functional offices in Asaba, Kano and Abuja. “The promoters of these illegal operations have been arrested by the Nigeria Police Force and are undergoing interrogation. “The Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type and as such its operations are illegal,” he said.
Watch out for what to consider before investing in a Ponzi scheme part 2
No comments:
Post a Comment