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Over 50 WhatsApp ponzi schemes flood Nigeria,and counting….

Last Update: January 14, 2017

WhatsApp ponzi schemes in Nigeria are likely to affect the patronage of MMM when it returns full operation on January 14, 2017

When MMM Zimbabwe crashed in 2016 some smart young Zimbabweans came up with the idea of creating WhatsApp Group where members were invited to Provide Help and Get Help thereafter.

That idea gave birth to WhatsApp ponzi scheme

Today, WhatsApp Ponzi Scheme has gone global as an alternative to the largest ponzi scheme MMM

What is WhatsApp Ponzi Scheme?

WhatsApp ponzi scheme is a fraudulent investing scam on FREE messaging app (WhatsApp) whereby group admin promise high rates of return with hours.

“A typical WhatsApp ponzi scheme is operated by an admin who controls just about everything on the group,” PageOne.ng 

WhatsApp ponzi scheme in Nigeria

MMM crash wasn’t new to those who have technical understanding of how MMM works when on December 12, 2016 announced that it’d be freezing mavros for a month.whatsapp-ponzi-scheme-money-bank

The internet was agog with the crash of MMM, while some MMM members attempted suicide, few others fell ill because of their monies trapped in the system.

They defied government warnings of the danger inherent from participating in the scheme.

In one of our research, we reported the activity of Quick Help, a WhatsApp ponzi scheme where members PH N10,000 and N20,000 and GH of N20,000 and N40,000 respectively.

As at January 10, 2017, we discovered that over 50 WhatsApp Ponzi Schemes are operating in Nigeria. Some of them have Telegram group as well.

Some of them which were created on January 9, 2016 as at the time of putting this piece together have more than 70 members, while Quick Help which is two weeks old has over 200 members.

All the WhatsApp ponzi scheme have MMM model. It means its risk is as MMM.

“A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors.” — investopedia.com

List of WhatsApp ponzi schemes in Nigeria

  1. Flourish ii: On this forum you Ph 3k and GH 6k
  2. 24hrs Cash: Ph 10k and 2 persons will be matched to pay you 10k each, PH 20k and GH 40k
  3. Funds Multiplier:  This WhatsApp ponzi scheme group was created on January 9, 2017 at about 0554PM. 10k for 20K.
  4. Success forum: This WhatsApp ponzi scheme group promises 200% with hours. PH 5k and GH 20k while 2K goes to the admin.
  5. PRO Income: Minimum PH is 10k to get 20k; PH 20k gets 40k within 24 hours.
  6. Helping Hands 5k to 10K: This was created by an unnamed person on January 3, 2017
  7. Naira Circle: This was created on January 9, 2017 and it promises to turn 5k to 10k within hours.
  8. Ph20 and Gh40 in 4hours: This is created by a non-Nigerian number: +22961249270
  9. Instant Double Pay (IDP): Created on January 6, 2017 by a Nigerian based admin, it promises to turn 3k to 6k; 5k to 10k within 6hours.
  10. Donor Family: It is created on January 9, 2017 with a promise to turn 5k to 10k; 10k to 20k.
  11. Trust Fund Main Community: This has been in existence since September 7, 2016 where you PH 10k to get 20k or 20k to GH 40k.
  12. Galaxy Fund: Created on January 9, 2017, Ola is one of the admins of the group
  13. Instant Fundwhatsapp-ponzi-scheme-i-d-p-public-room
  14. 100% within 12hrs: Created on January 9, 2017
  15. MEGA Rich: Created on January 9, 2017
  16. Risker Forum: Created on December 29, 2016
  17. Money Basket
  18. Cash Forum
  19. Great Minds: Created on December 23, 2016.
  20. GTW: Created on January 7, 2017
  21. Joint heirs forum: Created on January 9, 2017
  22. Ozone Cycler: Created on January 9, 2017
  23. Million Naira Inc.: Created on January 4, 2017, Temmy is one of the admins.
  24. CBN Cash: Created on January 9, 2017. This where you PH 4k to GH 8k
  25. Quick Alert Team: Created on January 9, 2017, a username “sweet news” is one of the admins.
  26. Quick Help main Room: PH 10 to GH 20k, PH 20k to GH 40K. it’s created on January 2, 2017. Adewole Tope is one of the admin.
  27. Gateways Assurance
  28. Money Bank: Created on January 8, 2017
  29. Great Money Makers: Created on January 9, 2017.
  30. Cash pay: Created on January 9, 2017
  31. Donate and Get Donations: Created on December 30, 2016
  32. Double your cash: created on January 9, 2017.
  33. Give and Take: Created on January 9, 2017
  34. PH 1k-5k and get Double:Created on January 4, 2017.whatsapp-ponzi-scheme-trust-fund-main-community
  35. Making Cool Money: Created on January 8, 2017. Oladokun Oluwasegun is one of the admins.
  36. Real Cash PH 4k n GH 12k
  37. GT 2X of yur money in 24h: Created on January 9, 2017.
  38. Reliable Platform: Created on January 8, 2017. Pelumi is one of the coordinators of the group.
  39. Money Earners: Created on January 9, 2017. Niyi is one of the admins.
  40. Moey Matrix: created on January 2, 2017.
  41. Instant Cash Success: Created on January 8, 2017.
  42. Invest 5k for 10k only: created on January 9, 2017
  43. Giving Circle
  44. Citizenship Trust
  45. Speed Cash Forum
  46. Fast Track Payout: This is another WhatsApp ponzi Scheme in Nigeria, it’s created on January 5, 2017 with 102 member at about 1411PM. Members PH N5,000 to GH N10,000
  47. We Rule: It’s created on January 10, 2017
  48. Instant Transfer: This is another ponzi scheme on WhatsApp. It’s created January 10, 2017 at about 0430hrs
  49. Billionaires Crew: It was created on January 11, 2017 at about 0500hours
  50. Donation Hub
  51. Easy Money
  52. Gateway Assurance
  53. Double Blessings
  54. Get help now

WARNING

The strength of ponzi scheme lies in new members (to pay old members). When there are no new members or decline in the number of new members, the system crashes.

In the WhatsApp ponzi scheme group, we found that admins keep pleading to old members to recycle 50% of the money paid to them so as to make the system function.

For instance, a member who whatsapp-ponzi-scheme-quick-helpGot Help of N40,000 is expected to PH N20,000 of the money again.

“It’s wonderful to have a system like this running for the second week and I pray that nothing will hinder the smooth running of the programme.

“For continuity to be ensured, we need pH to exceed GH. There is no way for a system like this to progressed without us getting the need to pH more. This is a call for us to stay focused in phing and bringing more people into the  system. All hands are on deck to by the admin to clear the backlog of outstanding GH request,”one of Quick Help admin Neomarketer pleads to members

Will WhatsApp take action against fraudulent group on its platform?

WhatsApp Messenger is a FREE messaging app available for Windows Phone and other smartphones. WhatsApp uses your phone’s Internet connection (4G/3G/2G/EDGE or Wi-Fi, as available) to let you message and call friends and family.

Ponzi scheme on WhatsApp or any other messaging app is more cost effective, cheaper to maintain than website. That’s one of the reasons WhatsApp ponzi scheme has unbelievably risen sporadically.

We can’t independently confirm if WhatsApp has means of sanctioning fraudulent group on the messaging app.

But WhatsApp states in its terms of use that: Your messages are yours, and we can’t read them. We’ve built privacy, end-to-end encryption, and other security features into WhatsApp. We don’t store your messages once they’ve been delivered. When they are end-to-end encrypted, we and third parties can’t read them.”

It’s a season of ponzi scheme, be careful!

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About the author

Opeyemi Quadri

8 Comments

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  • I registered on pairfund.com and I was matched immediately and get paid 200% of my money back in less than 3 hours. Just want to share this since they are new and I think they are just started, maybe about a week and now will be good for anyone that want to invest in it before it become crowded.

  • Welcome to MoneyTree a genuine peer to peer network where your money is doubled within 48hrs.
    No referral, just pay and get 100% richer in less than 2days.
    5k to 10k
    10k to 20k
    20k to 40k
    HOW IT WORKS
    Step1: Download whtasapp from your play store
    Step2:

    Step 3: Provide help of 5k, 10k or 20k

    RULES
    1) Ensure to pay within 2hrs of being paid
    2)Do not pledge if the money is not ready
    3) Always recycle to keep the train moving
    4) share the link to as much people as possible

    Please note that this group is for serious business minded people..

  • U need to update your informations. Because the latest of these fraudulent ponzi scheme is called Golden Achievers headed by one ‘Evangelist’ Sarah. He/she has moved from WhatsApp groups to telegram group. Now mega something.. this one is a complete fraud. Be warned!

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