Business / 14 October 2019, 20:06pm / Molefi Sompane
WhatsApp logo: image google
Bloemfontein: Although many attest to have made money, it is evident that others have gave away their cash and won’t recover it.
The so called WhatsApp Stockvel scheme has lost the momentum which it had before media reported about it.
However, those who has not receive their expected profits seem to lure in others so they can make the profit and leave them in a limbo.
According to the scheme you join with R200 and you lobby at least 6 people whom will be added to the group.
Once they are in the groups and joined by deposited money, they also need to lobby others.
Experts call the scheme pyramid and don’t approve it to be followed. Although many other participants have earned profits and rejoined, experts foresee lot of charges to be opened.
The social media has been used to grow the now ailing scheme. In the Free State there are reports of over 500 people who claim to have been waited to be paid but they haven’t.
In other similar groups many have reduced the joining fee and profits from 200 to R100 and R50, while profits dropped to R600 and 300 respectively.
Authorities have warned participants about the scheme.
Meanwhile No Criminal Charges have been reported so far.