Ecooperative, a pyramid scheme disguised as a lending platform is raking in members on the Internet
In a desperate time, desperate measures are used by more people to get by. Such is the strategy of this scheme.
Who owns Ecooperative
The scheme is owned and registered by one CHRISTIAN JOMBO, who is supposedly based in Calabar, Cross Rivers state Nigeria. The registered address of the company’ is ‘1 NKESE EFFIONG STREET, Calabar 540252 NG’ The domain was registered on the 25th of October, 2016.
There are legitimate unsecured lender everywhere on the Internet and they do not ask for money to give money. Therefore the slogan of Ecooperative that ‘raise money for any business you desire’ is not only deceptive but fraudulent.
The scheme came out clean when it said it is a ‘4 x 4 forced matrix’. This means for anyone to get anything out of the system, they must ‘invite four persons to join you in e-cooperative. Those four persons have to invite four persons each, making it 16. The 16 persons have to invite 4 persons each summing up to 64. The resultant 64 have to invite 4 persons each, making 256. The matrix is thus – 4, 16, 64 and 256’.
An investor will start the process with a minimum of NGN1,000 and then start looking for other people to stake money into the hands of the owners of the scheme. The entry fee looks minimal, but as a pyramid scheme, the ripple effect one person bringing a minimum of four people into the pyramid makes it a lot of money.
There are red flags all over this scheme that requires no clairvoyant to know that this is nothing but a pyramid scheme that will soon collapse. A company that involves in lending need not collect money from people. It should not be a pyramid structure.
Owners of Ecooperative will always win while more than 90% of their investors will lose money in the end.