Popular Ponzi scheme, MMM Nigeria, has just announced that’s back in business after one month in which participant’s accounts were frozen.
Following intense one-month debates on social media and the press over the legitimacy of pyramid scheme, MMM has “re-opened its doors” and reappeared online on Friday, January 13, 2016, a day before it was scheduled to do so.
The platform issued a new statement to participants welcoming them back from the festive season.
“This is to officially inform you that MMM Nigeria is open for business a day earlier than promised! Let’s go there Nigerians,” the platform said on Twitter.
https://twitter.com/MMMNigeriaHelp/status/819847886582280192
The Ponzi scheme continued its anti-establishment tradition, taking a swipe at the Nigerian media and the authorities for the bad press it has received since it became popular in the country.
Already, fans of MMM have begun to praise the scheme and “shame” the detractors.
@MMMNigeriaHelp True test of integrity on full display. Thank you for coming earlier than promised💃💃💃
— Uche Okafor (@ostelly) January 13, 2017
Ah ah! Under promise, Over deliver https://t.co/jwHDfzSmZh
— sgt. travis (@akaSAGE) January 13, 2017
The platform has already begun to advertise its 30% returns on funds invested and is began responding to enquiries from people interested in joining the scheme.
https://twitter.com/MMMNigeriaHelp/status/819860427773476864
https://twitter.com/MMMNigeriaHelp/status/819858745975042048
https://twitter.com/MMMNigeriaHelp/status/819858745975042048
Earlier this week, the platform announced that it was ditching the falling naira and adopting the virtual Bitcoin currency for investments.
Many Nigerians were thrown into panic on Tuesday, December 13, 2016 as the popular pyramid scheme, Mavrodi Mundial Moneybox, MMM, shared a confusing message on its website stating that it has frozen all confirmed Mavros, otherwise known as money due for withdrawal for one month.
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, 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.
