Reports hitting my Telegram account say that a new Ponzi Scheme dubbed LWE Football that has been in operation for the past three months in Kenya has collapsed with investors funds.
According to the website, “LWE football is a reverse betting platform on match results.” Unlike traditional or ‘normal’ betting sites, this site guaranteed users 100% winnings daily.
The platform was reportedly launched in 2010 (fact check and this is a lie and the immediate red flag) and allegedly supported by Berkshire Hathaway. Once a person joins, the minimum amount to deposit is ksh 300.
Financial Fraud: 3 ways to Identify Ponzi Schemes in Kenya
A troubled investor who has a few thousand shillings in the app shares how he has not been able to withdraw funds since the news that the site is a scam broke out.
As with all Ponzi Schemes, LWE football relies on a pyramid system to make profit. On this platform, they call it becoming an agent. In order to become an agent, you have to recruit 5 subordinates who are actively trading for seven days or more and then earn ‘high agency referral bonus’
is LWE Football a Scam?
Yes! Just like many others before it. Read our guide on how to avoid such ponzi schemes here.
