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Loom get-rich-quick scheme a scam – EOCO warns

The Economic and Organised Crime Office (EOCO) has warned that the Loom money making scheme targetted at young people is a scam.

“It is a scam and the general public is cautioned to desist from investing and patronising the Loom,” the office warned in a statement.

EOCO also warned that “anyone who transacts business with the Loom does it at their own risk.”

The office assured that it will keep an eye on how the get-rich-quick scheme unravels.

“The Economic and Organised Crime Office in line with its mandate to prevent and detect organised crime will continue to monitor developments with online investmetns with the view to ensure that citizens are protected from scammers and fraudsters.”

The pyramid scheme has been appearing in newsfeeds online and circulating on social media.

The scheme has also been described as a “loom circle” or “fractal mandala” or “Loom Money Nigeria” in some other parts of the world.

The scheme asks participants to pay a sum of money up front with the promise of making a return of up to even eight times that amount.

Loom’s strategy

Loom scheme is essentially a pyramid scheme that relies on an individual paying to join in.

The new entrant is then required to recruit other people to join in, who are also required to party with money as well.

For everyone in the scheme to make a profit, there needs to be a constant supply of new members but history has proven that the persons willing to join the scheme and the money they input eventually runs out.

This leaves the members at the bottom of the pyramid making a loss.

 

Source: citinewsroom.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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