Loom is a scheme which targets young people through social media and gets them to recruit other people and invest money, much like a pyramid-selling scheme.
The Loom Pyramid Scheme is not new to the world. Last month, Daily Mail UK reported that the scheme has resurfaced online all over the world, with different names such as 'loom circle', 'fractal mandala' and 'blessing loom'.
In Ghana, its central name is Loom with individuals creating their own WhatsApp groups to get individuals to sign on to it.
Reasons why you shouldn’t get involved with Loom
1. LOOM money has no central account or regulating institution. Loom money is not regulated by any institution and hence, it’s very difficult to trace owners of the said scheme in case of any challenge.
2. Anyone can create a loom and put his name in the loom... Anyone can search for new Blessings loom picture on google and write his initials on it . The person then creates a WhatsApp group and invite people to join. He getting money from it would be easy since it’s popular that the rest that joins the loom pays money to the leader ...
3. It’s not not registered with the security exchange commission (sec) Ghana. This is very important because the Sec is the ones that regulates and monitor business activities in the country...
4. Loom didn’t start now ... loom has been around for quite a long time ... it’s now popular in Ghana.. Loom is considered a crime in USA and a fine of 12,000$ is placed on anyone caught practicing loom ...
5. Ghana is not the first country where loom has been launched, a lot of people have lost their hard earned money to this scheme.
6.The security and exchange commission of Ghana has officially warned all Ghanians to desist from joining loom, if you decide to join, you do so at your own risk.
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How Loom Works.
Loom Money Ghana is Pyramid Scheme just like 'peer-to-peer' money-making scheme.
So after investing the GH¢50, you invite friends and families to join. So as more people join, everybody gets his/her GH¢400 — that’s GH¢350.00 of profit on just GH¢50.
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