loom scheme

Also known as a loom group, this is a form of pyramid scheme which targets young people using social media.  It offers easy rewards, of course.  You pay to enter the group, your $300 going to the person at the centre of the loom. Then you have to recruit others for you to be able to progress to the centre at which point you cash out.

 Of course there are those who pay their $300, are never able to recruit others, and end up funding the person at the centre. But for some reason this doesn’t seem obvious to many investors.

 Other names for it around the world are loom circle, fractal mandala, and blessing loom.