THE CCPC have issued a major scam warning as a potential pyramid scheme is doing the rounds.
The Competition and Consumer Protection Commission is warning people not to engage with the potential scam that’s circulating in Ireland’s African community online.
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The alleged pyramid scheme is known as the Amazing Grace Family and Friends scheme.
The CCPC say it is first thought to have appeared in Ireland last year.
This scheme describes itself as a gifting community that helps people to meet their financial goals.
There are a total of four stages to the scheme: Stage 1 (Fire), Stage 2 (Wind), Stage 3 (Earth) and Stage 4 (Water).
Consumers must pay a total of €1,300 to participate in the scheme and get to Stage 1.
To progress, those participating must recruit two other people to join the group.
As more people join the scheme, it’s understood the earlier joiners move up through the four stages and receive some €10,000.
The CCPC note that in this particular scheme, participants are invited to online meetings every week for updates on how the board is progressing.
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And after a certain point, people find that they’re no longer invited to meetings and they aren’t able to get in touch with the group organisers.
The CCPC said they are currently investigating this…
