MMM, the popular Ponzi scheme, returns
The system now labels itself MMM Cooperation in a bid to “continue the legacy of its founder, late Sergey Mavrodi.”
The system warns participants that “there are no guarantees and promises” for return on investment.
MMM, the popular Ponzi scheme, has resurfaced again, promising participants mouth-watering offers with strict warnings, few years of dashing hope of millions of Nigerians.
The scheme, known as Mavrodi Mundial Moneybox (MMM), now labelled itself MMM Cooperation, saying it returned to continue the legacy of its founder, late Sergey Mavrodi.
The satement on its website reads : “Like sunrise in the morning, MMM Cooperation set the pace on the 22nd of January 2019 all over the world. From negligence by many to fear of the unknown by prospective participants at the beginning; we are where we are today being most populous platform all over the world with 6 MILLION participants all in the space of 4months.”
“So far, we have been able to introduce some key concepts for the sustainability of the system. Some of which are: the Introduction of 10% down payment. Which helped in achieving prompt payment of 90% and a reduction of fake PH in the system.”
“We started with an automatic upgrade of guiders with requirements attached. And it has helped in having a strong foundation for the community.”
Strict warning from MMM to participants
Hiding under terms and conditions, the system warned Nigerians and other participants that “there are no guarantees and promises! Neither explicit nor implicit.”
“There are no rules. In principle! The only rule is no rules. At all! Even if you follow all of the instructions, you still may “lose”. “Win” might not be paid.”
“Without any reasons or explanations,” the system said in a strict warning to participants across the world.”
MMM cooperation says participants can lose all their money and advised them to only participate with spare cash.
Regulatory authorities warn
In December 2016, MMM crashed in Nigeria and many participants lost their investments.
Nigerian investment regulator, the Securities and Exchange Commission (SEC) also wanted citizens not to participate in any scheme that has no legal backings or promise overbearing yields.
Despite warnings by the regulatory agencies, Nigerian citizens, mostly young people, still fall for various pyramid schemes. Last month, Loom Money Nigeria also surfaced with 8 times the value of investment within 48 hours. The scheme has since collapsed.