Once bitten, twice shy.

Following the monumental loss recorded by old investors after their accounts were frozen, the ponzi scheme is re-strategising.

It has launched a weekly promotional stunt, obviously aimed at wooing old and unsuspecting ‘investors’.

A letter displayed on the pages of participants of the scheme urges them to invite new members. 

Members must invite new participants and register them as referrals to qualify for the contest.

They have the opportunity to win cash prizes between N30,000 and N500,000, under an exercise the Ponzi scheme masterminds call, 'Promo-Task Contest'.

The Securities and Exchange Commission and the Central bank of Nigeria have warned Nigerians against participating in the scheme which they described as illegal.

The scheme has been mired in controversies after it placed a one-month freeze on all withdrawals from December 13, 2016.

The scheme, however, made a comeback on January 13 and quickly placed a limit to the number of withdrawals from old-confirmed mavros (money), forcing some old investors to quit.

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