Warning! JavaScript is turned off or disabled! Some features on this website will not work.
« »
»

Scam - e-Cooperative Nigeria Online Cooperative and Micro finance Support is a Ponzi or Pyramid Scheme

2016-12-08T19:49:59 -  +
Scam - e-Cooperative Nigeria Online Cooperative and Micro finance Support is a Ponzi or Pyramid Scheme

e-Cooperative, located at www.ecooperative.online, which the owners claim is a simple system that enable members raise the money they seek for any business project, make money from their venture, show them ideas on how to manage the money they have made, and of course show them how that money can be multiplied using various financial instruments, is a Ponzi or pyramid scheme.

Please continue reading below.

The Website: www.ecooperative.online

e-Cooperative Nigeria Online Cooperative and Micro finance Support Scheme

e-Cooperative Nigeria is consider a scam because they promise members or investors large profits based primarily on recruiting others to join their program, not based on profits from any real investment or real sale of goods to the public, making them appealing to people who want to make some quick cash.

Why Do I Say e-Cooperative is a Pyramid or Ponzi Scheme?

e-Cooperative Nigeria is a pyramid or Ponzi scheme because they do not do any form of investments, sell products or services to make money. Instead, they take money from new members that old members recruit, to pay the same old members. If e-Cooperative fails to recruit new members, they will be unable to pay old members, which will cause the scheme to crash. Once the scheme crashes, the owners will take whatever money they have collected and disappear.

The owners of e-Cooperative Nigeria just collect money from new members, and pay some out to old members and keep the rest for themselves. That is all they do. Once the pyramid scheme fails, new members will suffer the most, because they will not get back a single dime of their so-called investment. For the owners, it will be a big payday for them, because they would have already collected thousands or millions of dollars from their members or participants.

What is a Pyramid or Ponzi Scheme?

A pyramid or Ponzi scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.

In a pyramid scheme, an organization compels individuals to join and make a payment. In exchange, the organization promises its new members a share of the money taken from every additional member that they recruit. The directors of the organization (those at the top of the pyramid) also receive a share of these payments. For the directors, the scheme is potentially lucrative - whether or not they do any work, the organization's membership has a strong incentive to continue recruiting and funneling money to the top of the pyramid.

Such organizations seldom involve sales of products or services with value. Without creating any goods or services, the only ways for a pyramid scheme to generate revenue are to recruit more members or solicit more money from current members. Eventually, recruiting is no longer possible and most members are unable to profit from the scheme.

Please share what you know or ask a question about this article by leaving a comment below. Also, check the comment section below for additional information, if there is any.

Remember to forward suspicious, malicious, or phishing email messages to us at the following email address: info@onlinethreatalerts.com

Also, report scams, untrustworthy, or fraudulent websites to us. Tell us why you consider the websites untrustworthy or fraudulent.

If you want to quickly find answers to your questions, use our search engine.

Remember to help us, help you, by donating. 🎁Click here to donate

Please continue reading below.

Comments, Questions and Reviews ✍
(Total: 24)

To help protect your privacy, please do not post or remove, your full name, telephone number, email address, username, password, account number, credit card information, home address or other sensitive information in or from your comments, questions, or reviews.

The comments or reviews below do not necessarily reflect the views of Online Threat Alerts.

  • Posted: May 20, 2017 2:17 PM by an anonymous user

    Is e.cooperative registered with coporate affairs commision?

    delete


  • Posted: Feb 10, 2017 2:45 AM by an anonymous user from or near: Lagos (Ikoyi), Lagos, Nigeria

    They just scammed me 1000.

    delete


  • Posted: Feb 9, 2017 6:33 PM by an anonymous user from or near: Lagos, Lagos, Nigeria

    Please beware of one dubious site calling itself e-cooperative. After paying into the account of one MordI Sarah Onuwa whom they claimed to be my upline, she requested for my username and password which was strange to me; she claimed that is how it is done so she can register me. Since she was able to get the appropriate detail the site has refused to open. I smelt a rat when she made the request, but now my eyes are clear; it is a real scam. Read the notification I kept getting while trying to log in. Is there any difference between what I entered and the correct code of their CAPTCHA code:

    "e-Cooperative
    Login to Access e-Cooperative
    Sorry, the text in image is not correct. You entered CST4c while the correct code is CST4c. Please try again.
    CAPTCHA code
    Forgot your password?
    Register
    © e-Cooperative"

    delete


  • Posted: Jan 12, 2017 5:03 PM by info

    Received via email:

    "Please assist me on how to upgrade to level2. My 4x4 is not complete and I can't register another person under me to complete that. I have sent several messages, but no reply. I don't know what to do again."

    delete


  • Posted: Jan 10, 2017 3:37 AM by an anonymous user from or near: Ketu, Lagos, Nigeria

    How do those people retrieve the money being paid to another person's account?

    delete


  • Posted: Jan 8, 2017 11:21 AM by an anonymous user from or near: Lagos, Nigeria

    If member fails to recruit new members what will happen to him and money.

    delete


    • Posted: Jan 8, 2017 11:52 AM by info

      The scheme will fail when everyone is unable to recruit members. It is not an individual thing.

      delete


  • Posted: Jan 4, 2017 8:47 AM by an anonymous user from or near: Lagos, Nigeria

    When did ecoperative online started?

    delete


    • Posted: Jan 4, 2017 9:34 AM by info

      They registered their domain name on October 25, 2016, therefore, they may have started a little after that date.

      delete


  • Posted: Jan 2, 2017 2:00 AM by an anonymous user from or near: London, England, United Kingdom

    How real is this program? I saw that on Facebook and I registered with it. But no reply yet as it regards to effect.

    delete


  • Posted: Dec 29, 2016 10:12 AM by an anonymous user from or near: Lagos (Ikoyi), Lagos, Nigeria

    Thanks God I am really close to internet to find out about this thing call e-Corp. My old friend want to invite me to this thing, that its why I found my self here to know more.

    delete


  • Posted: Dec 29, 2016 2:46 AM by an anonymous user from or near: Lagos (Ikoyi), Lagos, Nigeria

    Is really a scam. Have not even make any payment, I was just testing it, I created an account to see how the template work, so I logged out to login back. It says invalid account & username. I thought it was a mistake from my end, I created another account with another no, says the same thing that's when I knew it was a scam & I began to make online research about.

    delete


    • Posted: Feb 7, 2017 8:59 AM by an anonymous user from or near: Lagos, Nigeria

      I created an account and even got an up line I paid to her account, her number has been off and my account deleted.

      delete


  • Posted: Dec 27, 2016 2:12 PM by an anonymous user from or near: Lagos (Ikoyi), Lagos, Nigeria

    I just heard about the e cooperative and I really want to know how real it is and if their are any available testimonies any one can share tanx.

    delete


    • Posted: Jan 13, 2017 9:42 PM by an anonymous user from or near: Lagos, Nigeria

      I have not posted any question before or any answer. I just saw this now and put in.

      delete


  • Posted: Dec 25, 2016 10:06 AM by an anonymous user from or near: Lagos, Nigeria

    Ecooperative is a scam, please be warn! I have learn my lessson. My name is Biden, an eccoperative participant, I used one thousand Naira to registered so as to move to stage 1,and they match someone to me which is evangelisteasther with email address: estybee@gmail.com, phone number: 234 802 580 5217,and I donate $1,000 to his account all in an effort to talk to her, but that was futile. I mail her, but no reply. The worst thing is that I have invited others to join and I fear the samething will happen to them.

    When I want to login this evening they said invalid e-mail and password.

    ECOOPERATIVE.ONLINE IS A SCAM/419.PLS.

    delete


    • Posted: Feb 7, 2017 9:00 AM by an anonymous user from or near: Lagos, Nigeria

      My dear exact same thing happened to me u are telling the truth.

      delete


    • Posted: Jan 10, 2017 4:24 AM by an anonymous user from or near: Bhopal, Madhya Pradesh, India

      When I want to login this evening they said invalid e-mail and password.

      delete


  • Posted: Dec 23, 2016 6:14 PM by an anonymous user from or near: Lagos, Nigeria

    They just scammed me 1k.

    delete


  • Posted: Dec 16, 2016 5:57 AM by an anonymous user from or near: Lagos, Nigeria

    You are not paying to them but directly to ur upline bank account So how do they get the money.

    delete


    • Posted: Jan 4, 2017 7:42 PM by an anonymous user from or near: Lagos, Nigeria

      Upline selected by them.

      delete


    • Posted: Dec 16, 2016 6:51 AM by info

      Of course the money is going to them. Do not let them tell you anything otherwise.

      This "your uplink bank account" trick is what they use to convince potential victims into becoming members.

      delete


  • Posted: Dec 14, 2016 3:12 AM by an anonymous user from or near: Lagos, Nigeria

    e-cooperative is a scam, beware.

    delete


  • Posted: Dec 10, 2016 6:24 AM by an anonymous user from or near: Lagos, Nigeria

    The website is a scam. This sucks!

    delete


Show More of the 24 Comments

Write Your Comment, Question or Review

Write your comment, question or review in the box below to share what you know or to get answers. Please revisit after an hour or more to view reponses or answers to you questions.

Your comment, question or review will be posted as an anonymous user because you are not signed in. Sign-in.