Network marketing, also called pyramid selling or referral marketing, is a marketing strategy where the earnings of the participants are derived from a pyramid-shaped or binary compensation commission system.
Network marketing in itself is not a bad thing. However, some scammers have devised unscrupulous means to use the concept to rip the undiscerning.
Even well established, online network marketing companies like Boostpal, HelpGhana.club and a myriad of them, with dashboards (back offices) that appear to be trustworthy, have shutdown completely and when this happens some investors are ripped of their valuable monies.
Now, these scammers have moved their fraudulent schematics to social media groups like Whatsapp, Telegram etc.
An example of such a company is the Bright Billionaires Network (BBN). BBN is a platform purported to be created by BRIGHT OWIREDU AGYEIWAA, who happens to be the CEO of the unauthorized company.
An investor of BBN will be required to make a minimum investment of 100GHc and a maximum of 50,000GHc in order to get a purported 5% instant referral bonus.
Another scheme being used by this fraudulent group is the prize system. Thus, after referring a total of five members, an investor stands the chance of winning mobile phones, food stuffs, laptops, refrigerators, TVs, cars etc.
This got my attention to do more checks on this company. I searched the entire internet and the company was no where to be found. Hold up! A company that is big enough to award cars, TVs, laptops and mobile phones should be found on the internet and must be registered to operate in the country, right?
The location(address) of the CEO is purported to be Bright Wiredu Agyeiwaa, Plot 67, 1st By Pass Off Spintex Rd. No.6, P O Box JT 205. Accra Ghana.
At least, a Google Business listing should have been found for Bright Owiredu Agyeiwaa’s business.
Additionally, in order to register, the individual will have to pay at least 100GHc to a mobile money account with a suspicious account name Bright Owiredu Agyeiwaa.
I have friends and colleagues who have been victims of ponzi schemes like Giversroom, GDCH, Earnit, Boostpal etc. And Bright Billionaires Network (BBN) is no exception.
In order to deal with investment companies, I urge all and sundry to examine all legal and constitutional intricacies before dealing with such companies.
As such, the general public is urged to steer far away from BBN and her likes as much as possible to avoid being ripped.