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General News of Saturday, June 15, 2019
Source: clbadfmonline.com
2019-06-15
The pyramid of Loom
The Bureau of Combating Organized and Economic Crime (EOCO) warned Ghanaians to be wary of the ploy to make money in Loom, describing it as a scam.
"This is a scam and the general public is asked to refrain from investing in the loom and to sponsor it," EOCO warned in a statement signed by Jacqueline Avotri, head of public affairs, adding: "Their own risks. "
Loom is a pyramid system not controlled by a centralized organization or institution. It only works on the voluntary participation of individuals using the strategy of network marketing.
No matter who can start the program by persuading others to join his Loom WhatsApp group with any fixed amount to be paid by the Loomers. Once the group has reached eight members, the person who created it starts to pay the fixed amount of money paid by each member, then leaves the group, thus allowing the second person who joined the group to group to take its first place. The cycle continues.
In his warning, however, EOCO said "in accordance with its mandate of prevention and detection of organized crime", he "will continue to monitor the evolution of online investments to ensure the protection of citizens against fraudsters and criminals. fraudsters ".
The Loom Circle, also known as "Fractal Mandala" or "Blessing Loom" started in the UK and has infiltrated into other parts of the world, including Nigeria, where it is known as "Loom Money Nigeria".
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