Crowd1 Scam

[Tman*]

Question - why would e.g. Up Money get spanked (see article below) but nothing is being done about Crowd1 which is arguably much bigger? A pyramid is a pyramid is a pyramid right?

Up Money directors’ assets frozen

Those who lost more than R42m in the pyramid scheme seen as willing participants in unlawful activity and also face prosecution.

www.moneyweb.co.za

"The scheme, which is not registered with the SA Reserve Bank and is neither a registered stokvel nor a financial services provider, mainly used social media to recruit members for R180, which qualified participants for a meat pack.

On joining, participants would have to recruit members who were then required to recruit five new participants."

Because in desperate times, there are so many new ponzi schemes popping up that its impossible for authorities to keep up

 

[LJ1234]

What is it with our South African people? Is it in our DNA to fall for these scams? Are we just gullible...or is it stupidity that so many people fall for "get rich quick schemes". There is no rationality or logical thought.

 

[supersunbird]

What is it with our South African people? Is it in our DNA to fall for these scams? Are we just gullible...or is it stupidity that so many people fall for "get rich quick schemes". There is no rationality or logical thought.

Greed.

 

[B-1]

Greed.

Desperation is pretty high up there as well. Lots of people don't have enough to survive retirement and plenty are about to lose everything due to dept and no income. Economic depression is no fun.

 

[Toxxyc]

It's a combination of three things:

1. People are gullible and still (unfortunately) believe the good in everything over here.
2. Greed and desperation are also setting in. Everyone wants a piece of the cake before there's nothing but crumbs left in this country.
3. Useless policing. As a result of useless policing (nobody every gets caught or locked up), it's pretty easy to do what you want without much risk of being caught.

 

[Spxdxrbxtxs]

In case any here isn't aware -

 

[Wite@julles]

For people who scam money out of almost always old and vulnerable people, yeah I'll own that hatred. Scammers can get fscked.

I will drink to that

 

[KleinBoontjie]

MTI blew up, when will this one start to crack?

 

[RedViking]

MTI blew up, when will this one start to crack?

Crowd1 is not local though, so will be difficult to stop. But at least can label it as a ponzi scheme for its SA branches. But it will just pop up again under another name. MTI fell quickly due to the idiots running it and being a local ponzi. I'm sure if Cheri and the likes didn't show their faces it might have lasted a bit longer.... maybe.