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Beware: Popular Ponzi Scheme MMM Is Back

Valentine Chinyem

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Fraudulent ponzi scheme, Mavrodi Mundial Moneybox popularly known as MMM, relaunches.

The scheme it would be recalled dashed the hope of over three million Nigerians in 2017, after its sudden shutdown, leaving many people in tears.

Like the previous version, participants are to register by investing a particular amount in the form of “providing help”, after which they will get their investment back with interest in form of “get help” after 30 days.

More so, the new version is known as MMM Cooperation and promises investor as much as 50 percent return on any amount invested in it — 20 percent more than what the extinct version offered.

The scheme had announced a shut down in April 2018 following the death of Sergei Mavrodi, its founder.

“After much deliberation, we have made the conclusion that continuing the system operation, without our leader and ideological inspirer, is impossible and makes no sense,” a message on MMM Nigeria website had read.

In a surprising turn of events, however, the scheme announced it had re-launched globally since January “to make Mavrodi’s legacy worthwhile.”