Lately there’s been a lot of noise and hysteria on social media about Elamant. A day hardly passes without ever seeing a advertisement to join Elamant.
People are enticed with Elamant by the prospect of making money by simply collecting receipts. At a time when many people don’t have jobs, the deal offered by Elamant is too good to resist.
Indeed, the return that Elamant offers is too good to be true, something that is so common with Ponzi schemes. That’s why you have to find out if Elamant is Ponzi scheme before you invest your money.
What is Elamant? / What do they say Elamant is about?
According to the company’s evangelists/representatives, Elamant is a market research company that pays people to collect old receipts from retail shops. The collected receipts will then be submitted to Elamant via their portal. But to be able to start collecting and making money from those receipts, they say you must pay a subscription fee of US$99 every month.
Elamant’s representatives say you must submit receipts that have purchases of at least US$1000 per month to be eligible to get paid every month.
For those receipts that you submit, Elamant pays you US$200. However, the actual amount they pocket is US$101 because the company takes the other US$99 to pay for your monthly subscription.
But you don’t need to worry if you can’t afford to pay a US$100 subscription every month. Elamant says you can avoid paying the subscription every month if you make 3 people join Elamant.
Plus making those 3 people join Elamant will earn you some money. And you even earn more if you keep on bringing more people to join Elamant. As you recruit more people, your position in Elamant’s hierarchical structure changes. Here are the positions that are available in Zimbabwe,South Africa, Kenya, Botswana and Malawi.
Beside all these benefits, the portal that members submit/upload receipts has discounted travel packages which they can buy and sell to other people not part of Elamant at a profit.
This is all what Elamant and its representatives say their company is all about. But now now its time to take stock of the company and see if they are legit.
First off, lets talk about where Elamant is based and the people behind it. Elamant was registered in 2017 in Singapore as Elamant PTE LTD. The company is registered as a Management Consultancy Company as shown below.
It gets interesting when you learn about the guy behind Elamant. Elamant’s Founder and CEO is Ryan Evans (in pictures below) a former Operations Director and Vice President of Marketing at Saivian which was a company that operated a multi-million dollar Ponzi scheme in the US and across Asia. Saivian ran a Ponzi scheme with a similar imaginery business model like that of Elamant.
Saivian’s Ponzi scheme required members to invest US$125 per month and recruit more members in order to earn US$3000 per day. On top of that members could also get cashbacks on receipts submitted via Saivian’s portal. Also, through the same portal, members were be able to buy discounted travel packages.
Saivian eventually went bust in 2017 after defrauding people at least US$165 million. It is also in 2017 that Ryan Evans launched Elamant.
As the Operations Director and Vice President of Marketing, Ryan Evans was no doubt involved in keeping the Saivian Ponzi scheme afloat. That’s why last year, almost 2 years after launching Elamant, Ryan Evans was found to be an accomplice in Saivian Ponzi scheme by the Securities Exchange Commission of United States.
On October 3, 2019, the Securities and Exchange Commission filed an amended complaint adding Ryan M. Evans, a California resident, as a defendant to its litigated action involving a multimillion dollar Ponzi and pyramid scheme called Saivian. The SEC’s amended complaint alleges that Evans played a significant role in promoting the scheme while serving as Saivian’s Director of Operations and Vice President of Marketing.
The SEC’s initial complaint in this matter, filed in October 2018, alleged that convicted felon Eric J. “EJ” Dalius and the companies he controlled under the umbrella name “Saivian” engaged in a scheme to defraud when they sold securities that entitled investors to receive 20% cash back on their shopping purchases in exchange for paying a fee of $125 every 28 days, and submission of receipts. In its amended complaint, the SEC charges Evans with taking actions and making material misstatements in furtherance of the scheme. The amended complaint alleges that defendants Dalius, Evans, and the Saivian companies falsely claimed that Saivian funded its cash back payments to investors by selling receipt data submitted by its members. Instead, the defendants operated a Ponzi scheme in which they paid returns to investors from the funds of later investors, rather than through legitimate business activity. The amended complaint also alleges that the defendants engaged in an illegal pyramid scheme when they promised a daily residual income stream for affiliates who sold Saivian memberships to downline recruits.
Securities Exchange Commission statement on Ryan Evans.
Ryan Evans and some other management personnel of Saivian are still running from the police up to now for defrauding innocent people millions of dollars.
Now lets talk about how Elamant operates. The company says its a market research company whose goal is to “nurture authentic high quality data capture through our member’s regular everyday purchase experiences”. It’s apparent that the data which is supposedly captured comes from the collected receipts by members. In a nutshell, Elamant is a company that collects and sells data.
However, what raises eyebrows is that Elamant pays more to members who recruit members that collecting receipts yet data collection is their means part of their business model. Instead of focusing on collecting receipts, Elamant disproportionately incentivizes the recruitment of new members.
Is Elamant a scam? Is Elamant legit?
After analyzing Elamant from every possible angle we can safely conclude it is a Ponzi scheme. Elamant is scam. Elamant is not legit. Elamant is fake. It’s written all over for all to see that Elamant is a Ponzi scheme.
Of course, we don’t ignore the fact that data is gold these days and companies are willing to pay good money for it. However, it’s counterintuitive that a company that sells data is focused more on recruiting than collecting data.
Its all ploy that the Elamant engages in market research. The receipts that members collect are just a front for taking people’s US$100 subscriptions.
How Elamant possibly operates
It is the US$100 subscription money which Elamant uses to pay people who submit receipts and recruit more members. And those new members pay more subscriptions which will be used to pay other members who submit more receipts and recruit more members.
Eventually when the Ponzi scheme fails to get more gullible members who pay US$100 subscriptions, Elamant will crumble down leaving people crying.
Remember MMM? MMM operated for a long time before it finally closed and people took huge loses. Who knows, maybe when you decide to invest in Elamant that’s when it will cease operations.
Gullible people still joining
Its sad that despite all the suspiciousness of Elamant, many people are still willing to put their hard-earned money into this pyramid scheme. Lately, Zimbabwe leads South Africa, Namibia, Swaziland and Vietnam in joining Elamant’s scam according to the company’s website.
Zimbabwe – is on Fire! with 62% growth in the last few weeks, this country will soon take the #1 spot of the most members in the company! Even though EVERY country (in our current Economic Zone) is GROWING exponentially, the Zimbabwe market is truly inspiring and we are looking forward to seeing what they accomplish in the near future!
Which countries are producing the most data? Which top 5 should we target for the launch of MAP? Any guesses?
Elamant was recently banned by the central bank of Namibia after it’s operations were deemed to be synonymous to those of Ponzi schemes. If I were you, I wouldn’t risk my hard-earned money on Elamant.