Did The UpMoney Ponzi Scam Just Rebrand?
UpMoney Scammers At It Again?
UpMoney may have just rebranded to MLM and are now promoting the Mufhiwa Building Project.
Recently, the very popular Ponzi scheme UpMoney, which pretended to be a grocery stokvel that rewarded members for bringing in new members, was exposed in the press and authorities swooped in to seize assets and prevent further harm.
UpMoney supposedly raked in R42 Million in just 60 days before it was shut down. As yet none of the UpMoney directors or founders have been arrested although investigations are ongoing.
Mufhiwa Building Project
Now, it seems that the UpMoney Facebook page has simply changed its name and rebranded as MLM in an effort to once again take advantage of vulnerable people and try to con them out of their funds.
MLM has begun to promote a new type of pyramid scheme which promises to help people build their dream home (and also provide some groceries along the way). As with the previous iteration of the scheme (UpMoney) the idea is to get 6 people, who get 6 people, who in turn get 6 people etc (5 levels it seems). The sign on is again R200 per person at the lowest level. and the promises are as rediculous as ever.
The Facebook page has over 7500 members and promotional videos for the new version of the scam are now being shared as more people are getting suckered into signing up. The scam is even drawing in consumer from Namibia and Botswana.