Get all your news in one place.
100's of premium titles.
One app.
Start reading
International Business Times
International Business Times
World
Tomas VIOLA

Recession-hit Argentina Gripped By 'Ponzidemia'

The dream of easy money in crisis-hit Argentina is leading to Ponzi schemes (Credit: AFP)

A quiet Argentine town best known for its oranges has become the symbol of a Ponzi scheme plague sweeping the crisis-hit nation that has cost thousands of people their savings.

Nearly 30 percent of the population of San Pedro, a town of 70,000 people situated about 170 kilometres (106 miles) north of Buenos Aires, fell for an investment app peddled by two actors posing as businessmen that promised up to 2 percent daily returns paid in cryptocurrency.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.