A moment of silence must be observed for the Late Founder (Sergey Mavrodi) of the popular Ponzi scheme, MMM. It felt like the god of steady wealth when it first came to Naija a few years back. But sadly, it’s now being brought to an end.
The-Aftermath of MMM’s Founder’s Death
Mavrodi Mundial Moneybox (popularly called MMM) was a Ponzi scheme that had been in existence since the 1990’s. It was founded by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova in 1989. However, it wasn’t until the year 2015, when the MMM website was launched in Nigeria. The ponzi scheme looked highly promising, with a guaranteed 30% ROI after a month. All you had to do was start up your account online with a minimum of N15,000 and you were registered instantly. Then as time went by you would begin to receive your capital back with an interest rate monthly. It was the interest rate that attracted MMM’s millions of customers on a daily basis.
The Ponzi Scheme really was genuinely making grounds in Nigeria, but there was an extra side to it. And it was that the more you invited people to join you on MMM, the more your interest increases. Hence, the reason people really paid more attention to the Ponzi scheme. MMM had become so influential that its members were even creating WhatsApp chat groups to keep up with who joined their team. Everything seemed very much alright, until the system came to a halt back in December 2016. Their excuse was that they were going on a two-weeks break before things went sore.