MMM is a Russian company. This company carried out one of the biggest Ponzi schemes of all times in the history of the world. This was in the 1990s. From differed estimates, 5 to 40 million persons lost up to $10 billion. The exact amount of money lost is not certain, even to the founders of MMM.
MMM means Mavrodi Mondial Moneybox. It first started in Russia, then in South Africa in 2015, Nigeria in 2015 and China in 2016. Though, it did not operate in the Asian country as the Chinese government termed it fraudulent and illegal.
Rumors have it that there has been a freezing of participants’ accounts and unfortunately, the rumors are true. There are facts about why the notable Ponzi scheme in Nigeria resorted to freezing participants’ verified monies in the scheme for one month.
Participants of MMM in Nigeria have been thrown into a state of sudden panic due to a decision by the promoters of deposit money Ponzi scheme, MMM, to freeze the accounts of the participants, thereby suspending all financial transactions.
The participants of MMM Nigeria awoke on Tuesday morning to a retraction on the scheme’s webpage telling them of the move. People panicked but the promoters of the Ponzi scheme assured them that it wasn’t crashing and the scheme would be back to normal in the month of January.
The Mavrodi Mondial Moneybox is a financial aid scheme that remains highly suspicious even to the federal government of any country in which it operates. This is due to the fact that the company has no products that they sell. But rather, they depend on new investors to pay old investors. This means that when an old investor sends the ‘Get Help’ request, a new investor’s money becomes the payment of the old investor. In other words, the scheme draws from investments of later investors to pay off earlier ones.
Although, the government has made continuous appeals to citizens to stop investing on questionable platforms like MMM, but still the scheme grows faster and better than any other financial platform. Because of such advise from the government and other rumors of the scheme falling once its a year old in a country, many people wanted to get their money back. So the ever increasing demand for ‘Getting Help’ became too overbearing and the promoters decided to suspend transactions until January. The promoters of the Ponzi scheme has also assured Nigerians that the site has not crashed and so there should be no cause for panic. The system is undergoing preparations for intense activities ahead of 2017, which comes in less than three weeks. It is not certain if participants can provide help or not.
People have accused the media and the Nigerian government of being responsible for the fate of the Ponzi scheme. These two factors are blamed for putting fear in the minds of Nigerian MMM participants. The founder Sergey Mavrodi said that these irrational behavior from the media and the government was due to lack of insight of how MMM works.
MMM’s founder’s open letter
Sergey Mavrodi wrote an open letter to the Nigerian government recently. Therein, he advised that MMM should be intensified to help Nigerians grow and revamp wealth. He said that MMM had no shady dealings and that all participants were duly told of the risks involved at the point of participation.
“You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either,” Mavrodi said. “The money is just reshuffled among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?”
Some participants of the Ponzi scheme are not disturbed over the freezing of accounts. They claim that the same thing occurred in December 2015.
The major set back the Ponzi scheme has is due to the fear created in Nigerians by the government and media, people are scared of providing help. This means that majority of those who have provided help previously are now requesting to get help, while lesser people provides help. So, if more people wants to get their money back and less people are willing to provide help, then there will be less money to go round as before. Many Nigerians have faith in the Ponzy scheme that they believe that the freeze does not mean it has fallen. Judging from the letter of the founder to the government, MMM is not fake (Nigerians).
The government and the media have a great role to play in making the Ponzi scheme successful, so they should stop discouraging Nigerians. Some Nigerians said that, if the Ponzi scheme should be supported by the government, it will help reduce the rising crime rate of the country.
So the government should make their choice, while Nigerians await January 12 to get their money.
MMM office login
On successfully opening www.MMMOffice.com login, registered Nigerian participants will have the ability to view their personal office (PO). Your MMM Personal Office is the power house of MMM account. With the MMM nigeria links we will list below, you will be automatically directed to your personal office at mmmoffice.com
Log on to MMM Nigeria Login page by visiting www.MMMOffice.com (may take time to load, so be patient).
Enter the CAPTCHA Code displayed after you might have been redirected in the box provided
Enter your email address and password you provided during MMM Nigeria Registration
Click on Login and you will be logged in to your MMM Personal Office.
For more information, visit the company’s website at mmm-nigeria.net