What is MMM? The Platform that made 5 million Nigerians Cry

What is MMM? MMM is one of the biggest scams in the history of man, if not the biggest. The scam company was masterminded by some Russians which Sergei Mavrodi is the head of the scam scheme. The acronym mmm was formed from the first letter of the three founders who are Sergei Mavrodi, Olga Melnikova, and Vyacheslav Mavrodi.

MMM; How it all started

The MMM Ponzi scheme wreaked the most havoc to Nigerian due state of their economy at that time. I know you must have heard the name MMM before but there is still a lot more about the company.

MMM started as a joint-stock company in Russia from 1989 till 1990, that marked the beginning of the most fraudulent Ponzi scheme in the world,  the end of 1990 reports disclosed that 5 to 40 million people lost close to about $10 billion, carting away about 50 million USD daily.

In Russia, they were known to be a procurement firm that is into importing office equipment this they do to legalize the activities of the fraudulent scheme.  In 1992 the company was legally summoned on matters of tax evasion and undisclosed financials. They earn people’s trust by promising up to 1000% profit per year, the scheme with no solid business rock soon collapse, its wind in 1994 and by 1997, it was declared bankrupt.

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The ideology the founders used to infiltrate the world more than once was that the government want to kill their ideology which tends to expose how banks legally use people’s money without actually paying them interests.

MMM Global

They kickstarted the Ponzi scheme once more and this time they made it worldwide accessible through the internet under a new name Mavrodi Mondial Moneybox Global (MMM GLOBAL). Due to Nigeria’s unstable economy at that time.

MMM Nigeria

By November 2015, when MMM put up a new website started at Nigerians as they have done in other countries. by late 2016 more than 2 million Nigerians have signed up to the Ponzi. Their expectations of what to get easy money as promised by the system.

MMM Collapse

Things seem fine at first and this made more Nigerians keep on registering on the platform daily, by the end of 2017, MMM put up a shocker that caused a lot of uproar in Nigeria, they announced a temporary freeze on all members accounts. Some committed suicide due to this.

In a bid to ease the tension on members, they decided to reopen the scheme in January 2017, by February 11th the company announced that people can continue to make withdrawals of their Mavro, on condition that they will inject new money to the system.

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Soon, things fell apart and the more than 30 Billion nairas was estimated to be lost to the Ponzi only in Nigeria. The scheme collapsed at different times in more than 110 countries across the Globe which USA, China, Ghana, Zimbabwe, are also victims.

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