Recently, a new investment scheme called Cash Chain Investment has been making rounds on social media targeting Nigerian youth, with promise of high returns on investment in a very short period of time. However, this so-called opportunity is nothing but a well-organized scam. In this blog post, we will shed more light on the deceptive tactics used by Cash Chain Investment and why you should stay far away from it and not loose your money. Let’s dive into the details and understand the red flags.
How Cash Chain Investment Works
Cash Chain Investment claims to double your investment within 12 hours, luring individuals with the prospect of easy money. They present different investment packages, offering higher returns with larger sums. However, this should be an immediate cause for concern, as legitimate investments do not promise such astronomical profits in such a short period. Below are their investment packages
20k➡️➡️ 40k
25k➡️➡️ 50k
30k➡️➡️ 60k
35k➡️➡️ 75k
40k➡️➡️ 80k
45k➡️➡️ 90k
50k➡️➡️100k
60k➡️➡️120k
70k➡️➡️140k
80k➡️➡️160k
90k➡️➡️180k
100k➡️➡️200k
The trick is that when you indicate interest in joining, they go ahead and add you to their whatsapp group or telegram channels. Upon joining their groups, they start posting fake testimonials and payment screenshots. These testimonials are often shared by computer-generated bots controlled by the scammers themselves. The objective is to create an illusion of successful investors, enticing new prospects into joining.
After a week of joining the group, the scammers initiate private chats with you to convince you to invest. They then send you a form to fill and use to deposit money. But this is a trap to steal their money. Once you fall into their scheme, it becomes an endless cycle of deceit and loss.
Several red flags can help you identify and avoid scams like Cash Chain Investment:
Unrealistic Returns: If an investment promises sky-high profits in a very short time, it’s probably a scam.
Pressure to Join: Scammers will push you to invest quickly without giving you time to think or conduct research.
Lack of Transparency: Legitimate investment opportunities always provide clear information about their operations, whereas scammers keep their intentions hidden.
Fake Testimonials: As seen in Cash Chain Investment, testimonials from computer-generated bots should raise suspicion.