Consumer Alert: Vortex Profits
Consumer Watchdog would like to alert consumers about Vortex Profits, an apparent Ponzi scheme currently trying to recruit victims in Botswana.
The people promoting Vortex Profits claim that the company is “a remarkable investment platform … with an outstanding track record of 2 years for delivering best of class investment solutions and endless income-generating opportunity”. They suggest that investors can earn returns of between 2.5% and 4% every day by investing through Vortex Profits in Bitcoin, gold or oil.
These suggested earnings are clearly impossible, given that 2.5% per day implies an annual equivalent of over 800,000%. Even more unbelievably, a 4% return per day equates to an annual return of over 158,000,000%.
The facts are that the company was only registered in the Republic of Ireland in September 2017, contradicting their claim of a “track record of 2 years”. Furthermore, the physical address they offer is an accommodation address shared by hundreds of other companies and the telephone number they offer is not even in the Republic of Ireland but is in Sweden.
They claim to have been founded by someone called Griffin Wrights who they describe as a "renowned Entrepreneur" with "countless years of experience being a financial Planner". However, no trace exists of this person before or outside of Vortex Profits.
Given the contradictions and the ridiculous claims about the profits that can be made by “investing” in their schemes Consumer Watchdog suspects that Vortex Profits is nothing more than a Ponzi scheme and we urge consumers to exercise extreme caution when engaging with them.
If consumers are in any doubt they should contact Consumer Watchdog for free advice. We can be reached by phone on 3904582, by email at watchdog@bes.bw or by joining our Facebook group, Consumer Watchdog Botswana.
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