“We are a mutual fund:” how Ponzi scheme operators in Nigeria apply indexical markers to shield deception and fraud on their websites

Abstract

ABSTRACTIn this study, we examine how Ponzi schemes with international outlooks situate themselves in the Nigerian web space. We study five Ponzi schemes that operated in Nigeria between 2016 and 2019 within the frameworks of multimodal-discourse analysis and critical discourse analysis (CDA). The websites, some of which were developed for only Nigerian users adopt discourses that match the social and cultural contexts in order to appeal to the Nigerian social and cultural ideologies. Applying CDA, the study conceptualizes how indexical discourses in the web target individual participation and attempts to legitimize fraud – how Ponzi operators represent themselves and others, and how they tactfully shield their deception agenda through the use of indexical that point to cultural and social practices.