Crowd1
BBC exposes European pyramid scam exploiting Africans, others
A new investigation by BBC Africa Eye has uncovered a global pyramid scam, run from Europe, that is using smartphones to cheat ordinary people across Africa, Asia, and Latin America. Crowd1 describes itself as “the fastest growing crowd marketing company in the world” and produces social media videos which show members buying new cars and enjoying luxury holidays. Using nothing but a smartphone, Crowd1 claims, you can become a millionaire by promoting and selling a series of exciting digital products to your network. These claims have persuaded thousands of people across Africa to hand over the 99 Euros that buys an entry-level membership to Crowd1. But a six-month investigation by BBC Africa Eye reveals that, behind the slick marketing, Crowd1 is peddling a range of bogus products and fal...
SA Regulator Flags Crowd1 as Suspected Pyramid Scheme
South African financial regulators have been taking a renewed critical look at Crowd1 – a nebulous, highly controversial and popular Spanish (or Russian) company that claims to be a networking marketing firm, among other things. Crowd1 has already been banned in Namibia and the Philippines, and other countries, under suspicions of foul play. Since last month, the South African Reserve Bank (SARB) Prudential Authority has been investigating Crowd1 – a part of what is known as Impact Crowd Technology Group. Looking specifically into whether or not the company is a deposit-taking organisation. According to MoneyWeb, Crowd1 has vehemently denied allegations made against it that it is, in fact, a pyramid scheme. However, claims made by the Bank of Namibia suggest just that. The Bank claim...
