Just like the gospel, participants of MMM, the latest Get-Rich-Quick Scheme in Nigeria, keep spreading the good news to attract more participants to register under them, which means more money as well.
Before now, people were less likely to buy into such schemes, but considering the current economic status of the country, MMM looks like a good place to risk one’s penny for some good cash.
Some people jumped into it without making findings about its history and foundation, others are yet to decide whether to join or not. In whichever category you belong to, here are a few things you should know about MMM.
1. MMM means Mavrodi Mondial Moneybox and is a “Wonder Bank” scheme which promises 30% Return on Investment after 30 days. It was established in 1989 by three Russians; Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova.
2. The company was into importation of computers and office equipment. It later metamorphosed into a Ponzi scheme in 1992, which generates returns for older investors by acquiring new investors.
3. MMM office was shut down for tax evasion on July 22, 1994, which led to the collapse of MMM-bank, making it difficult for the company to obtain financial support for its operations.
4. 50 investors, out of the millions of participants who lost their monies, committed suicide after MMM crashed.
5. The CEO of MMM, Seigei Marvrodi is a convicted fraudster. He was arrested in August 1994 for tax evasion. In 2007, a Russian court found him guilty of defrauding 10,000 investors out of 110 million rubles (4.3 million US dollars) and he bagged four and a half years imprisonment.
6. The current MMM Bitcoin version, MMM-2011 emerged in 2011, following Mavrodi’s release from prison. However, in May 2012, he froze the operation and announced that there would be no more payouts.
7. MMM South Africa started in 2015 and so far South African banks have closed 2000 bank accounts linked to the scheme.
8. In January 2016, MMM was banned in China on the grounds that it is a pyramid scheme, (Ponzi scheme).
9. in September, MMM platform allegedly crashed Zimbabwe. Later on, it resurfaced but the reward was slashed from 100% to 20%.
10. MMM launched its Nigerian website in July 2016.
11. The Nigerian Government is against the scheme and is taking moves to shut down the operations in the country.
The Central Bank of Nigeria (CBN) has warned Nigerians against patronizing the get-rich-quick scheme but all these warnings have fallen on deaf ears.
12. One of MMM’s promoter in Nigeria, Chuddy Anayo Ugorji walked down the aisle on Saturday, November 12, in a flamboyant wedding ceremony, thanks to MMM’s earnings.
Several other MMM participants have tied the knots in the past weeks, and didn’t fail to acknowledge the get-rich-quick scheme by stamping the logo on their wedding cake.
In a nut shell, every good thing comes to an end, and looking at the pedigree of this scheme, there are chances that MMM-Nigeria may pack up in similar manner as that in other countries.
The question is . . . when will that be? Are Nigerians willing to stop now before it gets too late?