Recently, a new Ponzi scheme known as GMG has gained popularity in Nigeria by promising investors an incredible 25% return on their investment daily. However, this scheme has been exposed as fake and is on the brink of collapse. Surprisingly, GMG has been impersonating a genuine Australian company called Graphene Manufacturing Group Ltd, registered since August 2016. The legitimate company operates in Australia with a registered address in Brisbane, Queensland.
GMG entices investors with the promise of high daily returns, appealing to the desire for quick and substantial profits. The scammers behind GMG have cloned the information and logo of the real Graphene Manufacturing Group Ltd to deceive unsuspecting victims into believing it is a legitimate investment opportunity. They even went ahead to register the company name in corporate affairs commission (cac).
How to Make Money on GMG?
To make money on GMG, you either need to visit the website at gmgtrys.com and invest in any of their products, or you join their telegram channel and speak with one of their representative who would send an account number for you to send your investment amount.
GMG operates by having investors deposit funds into various Pampay accounts under different names. The scheme claims to pay daily returns on investments through a company called Bud Infrastructure Limited, incorporated in Lagos, Nigeria, in 2017. The legitimacy and current status of Bud Infrastructure Limited are unclear.
While the Ponzi scheme promises attractive returns, several red flags indicate that withdrawing funds from GMG might be a challenging process. Rebate times keep shifting, and investors may experience significant delays in receiving their payments. The website also displays connection errors and logs out users frequently, making the withdrawal process unreliable.
Is GMG Legit?
Gmg is a scam and a Ponzi scheme that has shamelessly impersonated the legitimate company Graphene Manufacturing Group Ltd to deceive investors. GMG promises an unrealistic 25% daily return on investment, which is unsustainable and typical of Ponzi schemes. Secondly, it is not regulated by any authority, raising concerns about its legitimacy. Additionally, the lack of transparency surrounding its operations and anonymous founders are red flags. The shifting rebate times, withdrawal issues, and delays in payment further indicate fraudulent practices. Overall, these warning signs strongly suggest that GMG is a scam designed to swindle unsuspecting investors.