Equity Bank freezes D9 Club over Ponzi

An account belonging to Magara Smart Protus, a promoter of on online sports platform referred to as D9 Club has been frozen by Equity Bank Uganda over Ponzi operations.

Equity, under the instruction of the Bank of Uganda (BoU), suspended an account belonging to – the promoter of an online sports trading platform referred to as D9 Club.

The National Bank of Rwanda had in May warned the 17 banks operating in the country about the “scam”, asking them to the “prevent transfer of funds to this scheme and stop its spread across the country.”

The D9 Club, which is currently recruiting in Kenya, is an online platform requiring members to wire between Sh26,700 and Sh213,000 (and a signup fee of Sh5,200), promising “passive” weekly earnings of between Sh1,300 and Sh17,000.

The club’s promoters claim the high returns are derived from sports trading on a site called BetFair, which places bets on different sports and pays out “bonuses” every Monday for 52 weeks through bitcoins.

BetFair, which was founded in Brazil last year by a man called Danilo Santana, has recently caught the attention of Rwandese and Ugandan central bankers, forcing them to warn local banks and ultimately causing the closure of D9 Club’s account.

“Mr Magara’s account has been frozen as directed by the BoU. The matter is being handled by the regulator,” Equity Bank said in a statement, declining to offer details on how long the account has been operational and its closing balance.

Recalled that authorities in Nigeria have also advised citizens in Nigeria to shun Ponzi scheme operators and guide their monies jealously rather than lose it to business without a proper model.

Ponzi Schemers make it appear attractive, yet it is a bait to lead you a debt trap. Many have always fallen victims; they are still crying.