Togetherfunds Ponzi scheme launched a few weeks ago and it is promising 40% returns on investment after 7 days.
The platform bear close similarities to the infamous MMM Nigeria. There is nothing good the scheme will offer you because it still the same individuals that participate in similar ponzi schemes that have been the mindset of hit and run, who ensures that the scheme does not last for long due to past experiences.
Togetherfunds is described by its promoters as ‘a peer-to-peer community where members donate to other members and receive donations in return with 40% interest. Our goal is to help members uplift one another financially based on trust, integrity and togetherness.’ The problem of the scheme is not the donation but the returns. How are you sure the individual you are donating to will recycle what he has received?
Secondly, your investment is not safe because a Ponzi scheme is not a legalised business and the location of the administrators is not known to anyone, no phone number to call and even the support button on the site is automated, just incase you do not get your investment back, who do you go to or call. It it very certain this kind of issues will not be welcomed in any police station or human right office.
The welcome note on the website reads “Welcome to Together Funds Community. We have built this platform to assist genuine individuals in helping one another financially. We are very strict and completely discourages fraudsters as it is not a get rich quick scheme.’ If truly the claims are true, the administrators should legalise the business just like other macro finance companies that help people with start-up money for business and not make it a pizza scheme. Everyone is just fighting for his/her pocket leaving the innocent ones at loss.
This is how the donation works “The scheduled donation list is available at 8AM, 10AM, 12PM, 2PM, 4PM, 6PM and 8PM MON – FRI. A notification will be displayed on your dashboard when the list is online. When the list is online, navigate to donate funds menu, choose any member to pay to. The member will be notified via email. You are expected to pay up the reservation within two hours or your reservation will be cancelled and your account deleted from the platform”.
The shortcomings of these scheme is more than the benefits, communicating with members via email in a country you know not everyone has email address, then there are problems with network providers which anyone can use as an excuse for not getting your mail to make donations and get them discouraged. The bogus claim of 40% has no basis nor where it is coming from.
What happens after you donate to a fellow participant and the person’s number becomes unavailable to confirm your payment or even recycle. Do not take the risk of investing in Ponzi schemes, do not learn from your own experience.