Hundred of campus students in Uganda have been left in tears after being scammed millions of shillings in tuition in the latest ponzi scam dubbed BLQ Football. In a bid to get rich quick by seeking to multiply their tuition fees, unsuspecting university students deposited their tuition fees into the BLQ Football accounts.
BLQ Football was a “click a button” Ponzi scheme that purposefully targeted Uganda. Recruitment initially spread to China but was promptly shut down by September. The ponzi scheme promised to multiply your initial deposits.
The “click a button” app-based Ponzi schemes began emerging towards the end of 2021. They mostly target third world countries, where mobile phones are the dominant access point to the internet. According to the website, BLQ Football users make money through reverse betting. Reverse betting is a unique type of betting which allows you to make a bet with reverse action. This means that you have two wagers placed both ways. If your first wager wins or pushes, then your second wager will be placed, or wager two wins, place one. Basically the company alleges that they get all the money from investors and place two well calculated big bets. They then share winnings with the investor getting 2.2% of their investment per match. The company pledges that in the event of a loss your investment money is reimbursed without profits for that game.
BLQ Football started selectively disabling withdrawals and locking accounts a few weeks ago. Over time the amount of withdrawals and accounts being locked increased.
This came in a wake of public notice warning issued by National Lotteries and Gaming Regulatory Board regarding the legitimacy of BLQ Football.
The notice read: “
The attention of the National Lotteries and Gaming Regulatory Board has been drawn to a company trading as BLQ FOOTBALL Uganda on social media platforms such as Facebook, operating through the following url: website (https://blq66.com/#/) on Facebook at https://facebook.com/groups/ugandablq/?ref=share) and Twitter https://twitter.com/BLQFootballClub
BLQ has been conducting betting activities illegally without a licence from the National Lotteries and gaming Regulatory Board for the said activities.
The National Gaming Board Uganda (NGBU) is a body corporate established under the Lotteries and Gaming Act No. 7 of 2016 which came into effect on 8th April 2016.
Section 4 of the Lotteries and Gaming Act, 2016 is mandated to issue licenses for Lotteries, Casinos, Gaming and Betting in Uganda. The mandate includes Licensing, Supervision, Enforcement, and dispute resolution.
Upon investigation, the Board has established that Acclaim BLQ Sports SMC Ltd t/a BLQ Football Uganda is operating illegal online gaming activities without a licence.
BLQ is using the gaming industry as a strategy to market its membership. It claims to be an investment company where members make money by recruiting people to join the BLQ Football Club platform.
We have alerted @UCC_Official and are also in receipt of a directive to @mtnug @Airtel_Uganda and other internet service providers to block this site from providing any gaming services to Ugandans.
The public is advised to refrain from dealing with unlicenced or illegal gaming operators who lure and defraud unsuspecting members of the public. The public is also advised to always verify the registration and licence status of such companies and schemes before engaging with them.”
Within 24 hours after this notice, the ponzi scheme initiated the final steps of its exit-scam. On October 13th BLQ Football’s websites went offline.
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