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General News on Friday, June 14, 2019
Source: citinewsroom.com
2019-06-14
The loom system is essentially a pyramid system that relies on an individual who pays to badociate.
The Bureau of Combating Organized and Economic Crime (EOCO) warned that the scheme to make money with Loom, aimed at young people, is a scam.
"It's a scam and the general public is asked to refrain from investing and patronizing with the loom," the office warned in a statement.
EOCO also warned that "anyone who deals with Loom does so at their own risk."
The office badured that he would keep an eye on how the scheme was getting richer quickly.
"The Office of Combatting Organized and Economic Crime, in accordance with its mandate of prevention and detection of organized crime, will continue to monitor the evolution of online investments to protect citizens from fraudsters and fraudsters."
The pyramid system has appeared in online news feeds and is circulating on social media.
The system has also been described as a "business circle" or "fractal mandala" or "Loom Money Nigeria" in some other parts of the world.
The system requires participants to pay cash in advance with the promise of a return of up to eight times that amount.
Loom Strategy
The loom system is essentially a pyramid system that relies on an individual who pays to badociate.
The new entrant must then recruit other people, who must also party with money.
For everyone involved in the program to make a profit, there must be a constant number of new members, but history has proven that people who want to join the system and the money they invest eventually run out. .
This leaves the members at the bottom of the pyramid in loss.
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