Consumer Alert: Monitec Society

Here comes what seems to be another Ponzi scheme.

"Monitec Society" describe themselves like this:

"Monitec Society is a community where people help each other. Monitec Society gives you a technical basic program. This community is international."

You're right. That means precisely nothing. Elsewhere they say that:

"Monitec Society is a union of networkers and an international community a stokfel or a platform of networker who help each other’s through donations"

So they're a clone of MMM Global. A scheme into which you pay in money and later take more money out than you paid in.

Where is this scheme based?

"Our community is based on World Wide Web which makes it easier to connect and help each other."

Are they a registered company? They say:

"NO, it’s a society, stokfel or union of networkers with a common interest. Monitec Society is not a bank, Monitec Society does not collect your MONEY, Monitec Society is not an online business, HYIP, investment or MLM program."

However, the figures they quote about how much money you can earn are all expressed in Rands so is it based in South Africa? No, no such company is registered there. They're telling the truth, this is a scheme that exists just in cyberspace. And not for long. Their domain, monitecsoc.com, was registered on 13th August 2015 to an address in India.

But what matters most is whether you can make money from the scheme. They certainly suggest you can. Monitor Society offer two "programs and each promise remarkable returns.

"The money you donated to the community member accumulate daily BONUSES, e.g. if you donate R 5000.00 you will earn about 2% percent daily for 65 days or 2.25% daily for 95 day depending on the program you choose:

• PRGRAM 1 - 2% for 65 Days
• PRGRAM 2 - 2.25% for 95 Days"

No, they can't spell properly. Assuming that you get the principal amount (the R5,000) back with "PRGRAM 1" you'll walk away with R11,500 and with "PRGRAM 2" R15,688. Those are returns of 230% and 314% respectively.

Either way they're promising you remarkable profits on your contributions. No bank can offer anything like that.

But there's a reason no bank offers such returns.

It's because they're impossible.

Nowhere do Monitec Society explain where the money is coming from and that's because they can't explain it. If they did, people wouldn't hand over their money. That's because it's almost certainly a Ponzi scheme, just like MMM Global and Eurextrade. The money they offer you back comes from new investors and it will continue to do so as long as they can find enough gullible people to keep contributing.

Please don't waste your time and money on Monitec Society, you'll never get either back.