PONZI SCHEMES AND THE CHINMAK TRAGEDY
By Fred Chukwuelobe
If I have the nerve, I’d go into church business and be prophesying. I have written articles that came true. Many!
As a youth corper in 1990 with no savings, when Umana Umanna was the reiging Ponzi scheme, I warned my friends not to invest in it. They called me names. But they lived to weep when it collapsed. I also wrote the piece below when the MMM ponzi scheme was reigning. Again, I was insulted. One small girl called me “a big fool” and asked me if it was “my money” they invested. Once again, my warning came to pass.
Enter Chinmak. Many invested. Many lost. Many are crying. Many will cry. Many won’t learn. Many have invested in other schemes. They are attracted to trips to Dubai and gifts from the promoters. All these come from the money they invested. Nobody gives you 100 per cent of money as a return on investment. If they have that much to pay, it is cheaper for them to source for funds from banks. But greed. O greed. They force people into ponzi and into being duped by fraudsters.
See what I wrote that got me insulted. To Chinmak investors, my sympathies.
Folks, if you have any relations or friends who are investing in the Ponzi scheme called MMM, please pull them by their ears. A lot of them will weep when it collapses. Some may commit suicide. It happened to those who refused to heed similar warnings on the failed “umanna umanna “. It happened to those who invested their life savings on NOSPETCO. My relations and friends were victims. Do not be deceived by whatever “sweet stories ” or marketing strategies MMM adopts. You will regret it. The CBN has warned that it is fraud. Yet, trust Nigerians; they won’t listen. They want easy money without hard work. They want to “hammer.” But hammer will hit them where it hurts most when the time comes. Nobody pays you 100 per cent or more on deposits. That person can pay less to banks if he needs a loan. Some “smart” depositors can run away with it. Not all. Only a fly that is deaf follows a corpse to the grave.
You have been warned!