Ponzi Scheme, MMM, is back

Over a year after the popular Ponzi scheme, Mavrodi Mundial Moneybox (MMM) crashed in Nigeria dashing the hope of over three million Nigerians, the scheme is back

The scheme is now labeled MMM cooperation and it promises up to 50 percent return on any amount invested in it. This is 20 percent more than what the previous version offered.

Like the previous version, MMM participants are to register, invest a particular amount in the form of “providing help” and “get help” with their investments and interest back after 30 days.

After what happened earlier with the same MMM and even with the slow and predicted death of the new Loom Ponzi, one will think Nigerians have learned but they are still falling for it.

The WhatsApp group which was just created is full leaving no room for any more participant in that group.

While some are concerned with how to join a group, some Nigerians are refusing to fall prey a second time.

Mr Mavrodi, an ex-convict, died of heart attack on March 26.

The scheme, which collapsed in 2016 in many countries including Nigeria, has been a subject of controversy globally.

Mr. Mavrodi launched his controversial scheme in 2011 and crashed in Nigeria in December 2016; with millions of Naira belonging to Nigerians trapped in the scheme.

– Premium Times