Konvaj, yet another give and take Ponzi scheme

SERAP

Konvaj is being touted as a market place yet operates like a Ponzi scheme. The promoters also say it is a marketing scheme that helps its members raise funding for business or project, build the business, as well as get others to participate in the circle.

On visiting the website, what appears is the market place where items are displayed for sale. Interested buyers can contact the sellers via email or phone to negotiate on the displayed products. Sound good and beautiful.

Without visiting the ‘about’ section of the site, one would assume that Konvak is all about the market place, but there is more to it.

Konvaj is a 21st Century market place where people from different places converge together for digital transaction. Apart from connecting buyers with the sellers, Konvaj also help members to raise fund to start a business, improve a business or complete a project.

Our vision is to develop an open market where common citizens that cannot afford the cost of building an e-commerce website and driving traffic to it can leverage on our platform to connect with international communities for digital transaction and fund raising for sustainability of their businesses.

Promoting your business on Konvaj directory with your own personal e-shop/storefront is free. Konvaj does not take commission on any successful business transaction. It is absolutely free but to raise fund with Konvaj, you are required to register according to your circle of influence and recruit minimum of 2 persons to do what you have done. This will help us to generate traffic for those that placed their business on Konvaj.

We help our members to raise funds through networking. The days of hawking products around by sellers have gone. The application of digital technologies has created new forms of work, new divisions of labours and new forms of financing. With your konvaj online shop and referral link, you can promote your businesses and raise fund whenever and wherever. Why should your business sleep with you when you can leverage konvaj platform and remain opened 24/7?

Konvaj is providing you with the platform to join the digital economy community, allowing you to also raise funds to support your businesses and projects. – (As available on the website.)

It is fine to have built a platform where sellers can showcase products for sale without commission on the transaction. There is a ‘but’ in all of this. Flowing form the above statement from the Konvaj site, it is clear that it is a give and take forum which is not far from Ponzi operations. Individuals invest a certain amount and expect returns within a given period. Here is how it works. There is the Silver circle which its minimum donation is NGN1000, Gold (NGN10,000) and the Platinum circle with minium amount investment of NGN100,000. Also note that they have different levels which determines how much you can get as returns on your investment.

How is this different from a Ponzi scheme? It is obvious that the promoters of the scheme are running Ponzi in disguise. An individual who is looking to raise fund for business being asked to invest some amount of money, how on earth is that helping the individual?

Ponzi operators are creatively running several schemes in the name of philanthropy, helpmates, heaven sent etc. It is important that their preys are able to recognize the wolves in sheep clothing when they appear with bogus ROIs as usual. It is pathetic that many will invest in the Konvaj scheme just as they did with the likes of MMM, Twinkas where monies savings have been lost, however, the earlier they pulled out the better as its days of crashing are numbered. The scheme is simply another 21st century lie riding on the state of the nations economic down turn.