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After a popular Ponzi scheme, Mavrodi Mundial Moneybox (MMM) jokingly tagged moku! Mogbe! Modaran! by some of yoruba extraction, crashed in Nigeria in December 2016, many who lost their investments in the scheme vowed never to get involved in any form of Ponzi again.
But Nigerians have taken to the internet to market Loom for more participation, especially on WhatsApp.
The first step of the process is being invited to join a WhatsApp group chat, usually by a friend or relative. Then you are asked to ‘invest’ N1,000, N2,000 or N13,000 with a promise that you will make eight times the amount back once you recruit new entrants.
After you have paid in the money, you are asked to invite at least one person to join the system.
Each time eight people join the loom, the person in the centre (Red) will get the target amount and leave the group.
The loom will then split into two groups. The top half and the bottom half become the new looms and everyone moves into the next level (Purple Level – into Blue Level – Into Orange Level) and the cycle begins again.
The more people you manage to add to the circle, the quicker the movement of it, and thus, the easier it will be for you to make your chunk of ‘easy money’.
Mixed Reactions
“I joined the group on Saturday and I cashed out N16,000 on Sunday, Loom is real,” said Rose, a phone outlet attendant.
