Is PetronPay a scam? Time and time again, being on the internet exposes you to a lot of risks, perhaps now more than ever before as everyone tries to make an extra buck while on their internet-enabled gadgets. While most Kenyan Ponzi schemes are getting exposed easily, Kenyans are looking for global investment opportunities like PetronPay.
PetronPay is allegedly an investment platform that will make tons of money by giving you the opportunity to invest in petroleum (oil) and make up to 2.5pc daily returns with a minimum investment of $25 (KES 2,692). Ambitious much?
PetronPay Ponzi Scheme
The first red flag, just like many other Ponzi schemes, the platform also has a referral program that will earn you money if you refer active people to the system. You can get a certain percentage of their deposits and even win prizes like paid trips.
For those not familiar, a Ponzi scheme is a fraudulent investing scam promising high returns with little risk to investors. A Ponzi scheme is a fraudulent investing scam that generates returns for earlier investors with money taken from later investors. They are based on using new investors’ funds to pay the earlier backers.
These schemes tend to eventually bottom out when this flood of new investors dries up and there isn’t enough money to go around.
According to their website, PetronPay is supposed to be located in Zurich, Switzerland.
To answer the question of whether you can trust PetronPay with your money, no you can’t. The short and very quick answer is PetronPay is a SCAM.
Even the Swiss financial regulator FINMA has flagged the dubious scheme. PetronPay claims to be based in Switzerland, however, it is not a registered company in the country. See here.
You will not find a real investment promising you 2.5pc daily returns. Be wise
