There is no end in sight to the creation of Ponzi schemes. Revosquad, a recycled version of Ultimate Cycler has surfaced online.
As usual, owners of this scheme are already claiming they have a pool of over 1 million investors who have so far invested in the scheme.
Owners of Revosquad did not provide any proof for this bogus claim. They are also not known to anybody except themselves. The domain registration has also been set to private to make sure no one is able to link the scheme back to them.
A Ponzi Scheme analyst told PageOne.ng that he is of the opinion that Revosquad is from the same owners the collapsed Ultimate Cycler. It would be recalled that Ultimate Cycler defrauded thousands of investors after the website was shut down and never to be seen again.
In their supposed honesty, owners of Revosquad admitted that “There are no products to market or sell on the scheme. No advertisement or marketing is mandatory, but you are very free to post about it and tell people about it”. Therefore the question any prospective investor should ask is that where is the jumbo return on investment coming from?
To be part of the scheme, investors are required to deposit a minimum of USD25 to earn a return of NGN50,000 from four new investors who are matched with the old investor.
As typical of all Ponzi schemes, it is a zero-sum game. The owners and early investors will always be the ones holding the empty bags. With the collapse of MMM Nigeria as a case study, owners of Revosquad will never be caught unawares. They will keep most of the funds getting into the system to themselves. Investors will lose everything.
The pretext that it is a peer to peer donation platform is not tenable as the owners of the scheme are not running charity organizations neither are they transparent with the way and manner they run the scheme.
Investing and or donating in Revosquad is a gamble that will always go bad once the owners have gotten their fair share of invested funds.