It appears same fate is about to befall Look Money Nigeria as members are beginning to whisper fears about the slowness in cashing out.
This is all happening three weeks after the Securities and Exchange Commission (SEC) warned Nigerians to run away from Loom Money Nigeria which they termed as an online fraud packaged as investment scheme.
This was made known by the Acting Director General of SEC, Ms Mary Uduk, who stated that Loom Money Nigeria is a pyramid scheme which targets youths whom she believes will get their hands burnt if they fall for it.
Decribing it as a Ponzi scheme, Uduak said:
“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’. The platform has embarked on an aggressive online media campaign on Facebook and Whatsapp to lure the investing public to participate by joining various Loom Whatsapp groups to invest as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours.