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According to reports 3 million Nigerians have their money locked up in the MMM system.
Naij.com reports that in Kenya, the scheme has promised a 40% profit for every investment (help provided) by participants unlike the 30% return for people who participated in the pyramid scheme in Nigeria and South Africa.
MMM Kenya domain’s name was registered in 133, Sakura House in Tokyo, Japan with the name “Anonymous Speech.”
Just like Nigeria, MMM Kenya already has a Facebook account and YouTube account.
The Ponzi scheme has already crashed in South Africa and Zimbabwe
Meanwhile a mysterious website has popped up claiming to refund the Nigerians who invested in the scheme.
However, on the MMM Reclaim website, it specified that it will help Nigerian participants reclaim their Mavros.
“Nobody deserves to be made to suffer for helping others. We will help you reclaim your Mavros,” the website said.
To reclaim your Mavros, the site requires you to fill in the name and email you used to register your MMM account but the method of how the investors can reclaim their money is also not specified on the website.
The online platform was unable to trace the operators of the website or confirmed from the guilders in Nigeri if the new website is connected to the scheme.
“I can’t confirm this. I’m just seeing it also. I will get back to you once I have information about this Reclaim website,” he said.
A Familiar Pattern
According to Wikipedia, МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.
MMM took its name from its founder, Sergey Mavrodi. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003.
He was convicted in 2007 in his home country of defrauding 10,000 investors out of 110 million rubles, the equivalent of $4.3 million. MMM is not his first ‘wonder bank’ creation.
MMM collapsed in Zimbabwe in September 2016 leaving thousands of people, among them civil servants and vendors, with thousands of dollars trapped in the ponzi scheme.
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According to reports 3 million Nigerians have their money locked up in the MMM system.
Naij.com reports that in Kenya, the scheme has promised a 40% profit for every investment (help provided) by participants unlike the 30% return for people who participated in the pyramid scheme in Nigeria and South Africa.
MMM Kenya domain’s name was registered in 133, Sakura House in Tokyo, Japan with the name “Anonymous Speech.”
Just like Nigeria, MMM Kenya already has a Facebook account and YouTube account.
The Ponzi scheme has already crashed in South Africa and Zimbabwe
Meanwhile a mysterious website has popped up claiming to refund the Nigerians who invested in the scheme.
However, on the MMM Reclaim website, it specified that it will help Nigerian participants reclaim their Mavros.
“Nobody deserves to be made to suffer for helping others. We will help you reclaim your Mavros,” the website said.
To reclaim your Mavros, the site requires you to fill in the name and email you used to register your MMM account but the method of how the investors can reclaim their money is also not specified on the website.
The online platform was unable to trace the operators of the website or confirmed from the guilders in Nigeri if the new website is connected to the scheme.
“I can’t confirm this. I’m just seeing it also. I will get back to you once I have information about this Reclaim website,” he said.
A Familiar Pattern
According to Wikipedia, МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.
MMM took its name from its founder, Sergey Mavrodi. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003.
He was convicted in 2007 in his home country of defrauding 10,000 investors out of 110 million rubles, the equivalent of $4.3 million. MMM is not his first ‘wonder bank’ creation.
MMM collapsed in Zimbabwe in September 2016 leaving thousands of people, among them civil servants and vendors, with thousands of dollars trapped in the ponzi scheme.
CLICK HERE to join our BBM Channel for faster updates
TOP POSTS YESTERDAY
- 11 Actors who died on a movie set.. And in action (With Pictures)
- 12 unpleasant things about Beyonce EVERYONE needs to know (With Pictures)
- 10 celebs living with deadly diseases (With Pictures)
- The 15 hottest mums in Nigeria entertainment industry – #1 is a banger! (With Photos)
- 9 Countries where Nigerians can easily get permanent residency – #2 will shock you!
- Meet the rich kids in Africa; From Nigeria, Ghana and Kenya – that luxury lifestyle! (With Pictures)
- Top 7 Punchlines you missed from Wizkid’s latest insult at Linda Ikeji – She will cry after seeing this! (With Pictures)
- BREAKING: If you are studying any of these courses in Nigerian Universities, You are not in school – NUC ( SEE LIST)
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