Why Pyramid Pay ponzi scam is a time bomb

Pyramid pay

The drill is always the same, owners of Pyramid Pay have hidden their identities to operate a Ponzi scam promising investors huge returns.

The site is hosted and domain was registered on the 9th of February, 2016 with Godaddy.

The owners of the scheme refused to state who constitute their team. They described themselves as “dedicated our time as a team of spirited and zealous philanthropist to help create and bring to existence a market that can act as a platform not for only business but as a source of financial empowerment”.

In its sales pitch to investors, the owners of the scam made several bogus claims. See below:

“When you Join, you will need to donate the sum of either N5000, N10000, N15000, N20000, N50000 or N100000 to a fellow member assigned by the system or your direct link, and the member will then confirm your donation and then the system will automatically assign 2 other registered people under you from spillovers who will also pay you the joining amount each, into your bank account, making 200% (i.e. 200% of N5000 is N10000, 200% of N10000 is N20000, 200% of N15000 is N30000, 200% of N20000 is N40000 , 200% of N50000 is N100000, 200% of N100000 is N200000). Pyramid Pay will assign referrals to pay you. After you have received payment from 2 people under you, the system will automatically EXIT you and allows unlimited registration (Your account still remains with PyramidPay).”

There are no product, goods and services rendered by Pyramid Pay to yield its huge returns promised to investors.

It is glaring that old investors will have to wait in line to get their jumbo profit. There are no correlation between philanthropy and what this scheme stand for.

Analyst told PageOne.ng that by the time Pyramid Pay collapses, many investors who stake money into the scheme will lose million of their hard earned cash to the scammers.