Naracle Ponzi scheme crashes, investors in confusion

Mfunds

The push might have come to shove for Naracle Ponzi scheme. The site is no longer reachable to its investors.

There are no official message from the owners of Naracle Ponzi scheme either.

Before its collapse, the scheme promise to pay its investors NGN40,000 in less than 7days with just ₦1,500 and up to NGN640,000 in less than 1(ONE) month.

It is known to its investors that Naracle has no product and or investment capital to guarantee such fund. The return on investment are paid with funds contributed by new investors.

When PageOne.ng did a review of Naracle and advising the public to stay away from it and other Ponzi schemes, a reader commented that:

“How many of those SMEs can they start with a capital of #1500? and they would not part with profits they have to made in the name of various taxes to touts and governments agencies? will their little capital also cover amenities like light and other things they would need to run their little business. Sir the government is the main cause of the growth of these ponzi scheme, the blame should just be on the youths and their “greed”

An analysts told PageOne.ng that the fact that Nigerians are now turning to Ponzi scams is a pointer that all is not well with the country.

He however disagree that people should see these schemes as a way out to their economic predicament. There are no “quick fixes”. “People who start and run these schemes will get richer and leave you penniless” he said.

Naracle Ponzi scheme’s domain registration shows that one ‘Kingsley Sunday’ registered the site. There are no guarantee that that is the real name of the owner as he used the same name for the company name. Naracle Ponzi scheme was registered on the 9th of December. Alexa shows that over 90% of its traffic come from Nigeria.

Should Naracle be gone for good, many of its investors would have lost millions to the scammers who are getting smarter everyday.