More than two million Nigerians will lose their money in the Russian Ponzi scheme known as Mavrodi Mondial Moneybox (MMM) after it abruptly suspended its operations in Nigeria citing heavy workload on its system. In a message sent to its members via Twitter on Monday, the scheme announced that all of its operations have been suspended for a month.
Scheme operators maintain that the one-month suspension is just a measure to ensure the system is stable and sustainable.
While your Mavro is in one month Freezing it continues to grow so there is nothing to be worried about. Just continue to PH to earn 50% more
— MMM Nigeria Support (@MMMNigeriaHelp) December 13, 2016
Some people also claim that MMM’s operations in South Africa went through a similar freeze last year and after 30 days everything was back to normal.
Despite numerous warnings, millions of Africans continue to lose their hard-earned money to get-rich-quick pyramid and Ponzi schemes.
What’s even worse is the fact that most of these victims are poor Africans who borrow loans from banks to invest in the schemes with the hope of making quick profits.
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