Members insist the scheme is totally transparent – but it has been repeatedly condemned by authorities

Thousands of investors are feared to
have lost their money after a pyramid
scheme run by a convicted Russian
fraudster crashed, somewhat
predictably, in Zimbabwe.
MMM Global has swept across Africa,
with branches promising returns on
investment of 30 per cent a month in
South Africa, Zimbabwe, Nigeria and
some east African states.
It is masterminded by the former
Russian politician Sergey Mavrodi, who
went on the run when the original
MMM – standing for Mavrodi Mondial
Moneybox – collapsed in the late
1990s, losing investors an estimated
$100m.

On its website, MMM Global
unashamedly advertises itself as a
scheme whereby new members
“assist” older members by paying a fee
to join. Older members are allowed to
withdraw money after a certain period
of time, and receive bonuses for
encouraging others to sign up.
Mavrodi himself is reported to have
gone into hiding after a separate entity
designed to reward investors with the
cryptocurrency bitcoin – dubbed the
“Republic of Bitcoin” – folded in April
this year.

And since then, a criminal investigation
has been launched into MMM Global’s
branch in South Africa, after a probe by
the National Consumer Commission
“found something” to suggest the
scheme was acting illegally .
With Zimbabwe’s traditional financial
institutions in jeopardy and the country
gripped by an economic crisis,
thousands turned to MMM Global as an
investment that was avowedly
independent of government control.
That’s despite a warning from the
Reserve Bank of Zimbabwe that the
scheme was fraudulent. RBZ warned
members of the public that existing
investors were “paid money not from
genuine market investment of their
funds, but from contributions made by
new investors, until a point when the
scheme can no longer attract new
investors”.

Sure enough, users reported being
unable to withdraw any funds earlier
this month. One told The Herald
newspaper: “When we started putting
our funds in the scheme one could get
assistance within seven days but things
later changed to 14 days and when we
were shut out the waiting period was
21 days.
“What it simply means is that the
number of people in need of help has
outnumbered the number of people
joining. Right now we have nowhere to
get our money which we invested.”
Despite the cautionary tales of
Zimbabwe and South Africa – and
indeed the original MMM scheme – a
branch is now proving increasingly
popular in Nigeria.
The Central Bank of Nigeria has been
forced to step in, warning consumers
not to deposit money in any institution
that is not insured by the Nigeria
Deposit Insurance Corporation (NDIC).
The bank’s comms director, Isaac
Okoroafor, described MMM Global as
“a new Ponzi scheme … that is
spreading like wildfire”.

“These people always come with very
interesting propositions,” Mr Okoroafor
said. “These are fraudsters who are
just out there to collect people’s money
and run away as soon as they hit their
target.”
MMM Global’s members across Africa
continue to defend its legitimacy,
publishing screengrabs showing
withdrawals as proof the scheme pays
out.
In South Africa, where a Ponzi scheme
is defined as any investment where the
return is 20 per cent higher than the
repo rate (currently 7 per cent), an
anonymous member told business
website Fin24: “MMM honestly tell
people how it really works and do not
promise people any return on the
investments.
“As a donation programme, how is it
possible to lose your donation? In
MMM people ask each other to help
them. It depends on the members
themselves to maintain the
continuation of the process of the
provision of help to each other.”
A number of South African banks have
now started shutting down accounts
they believe could be linked to MMM,
while in Zimbabwe the trusted mobile
money transfer company EcoCash has
distanced itself from the scheme,
saying it is “not liable for any losses
arising from the use of EcoCash to
engage in illegal activities such as Ponzi
schemes”.

Even with all this facts and findings you can trust Nigerians to always still get involve and later blame the Devil or village people for their misfortunes.

Source:www.independent.co.uk/news/world/africa/mmm-global-russian-ponzi-scheme-from-1990s-reborn-and-now-spreading-like-wildfire-in-africa-a7333366.html?cmpid=facebook-post

MVLOX:
Members insist the scheme is totally transparent – but it has been repeatedly condemned by authorities

Thousands of investors are feared to
have lost their money after a pyramid
scheme run by a convicted Russian
fraudster crashed, somewhat
predictably, in Zimbabwe.
MMM Global has swept across Africa,
with branches promising returns on
investment of 30 per cent a month in
South Africa, Zimbabwe, Nigeria and
some east African states.
It is masterminded by the former
Russian politician Sergey Mavrodi, who
went on the run when the original
MMM – standing for Mavrodi Mondial
Moneybox – collapsed in the late
1990s, losing investors an estimated
$100m.

On its website, MMM Global
unashamedly advertises itself as a
scheme whereby new members
“assist” older members by paying a fee
to join. Older members are allowed to
withdraw money after a certain period
of time, and receive bonuses for
encouraging others to sign up.
Mavrodi himself is reported to have
gone into hiding after a separate entity
designed to reward investors with the
cryptocurrency bitcoin – dubbed the
“Republic of Bitcoin” – folded in April
this year.

And since then, a criminal investigation
has been launched into MMM Global’s
branch in South Africa, after a probe by
the National Consumer Commission
“found something” to suggest the
scheme was acting illegally .
With Zimbabwe’s traditional financial
institutions in jeopardy and the country
gripped by an economic crisis,
thousands turned to MMM Global as an
investment that was avowedly
independent of government control.
That’s despite a warning from the
Reserve Bank of Zimbabwe that the
scheme was fraudulent. RBZ warned
members of the public that existing
investors were “paid money not from
genuine market investment of their
funds, but from contributions made by
new investors, until a point when the
scheme can no longer attract new
investors”.

Sure enough, users reported being
unable to withdraw any funds earlier
this month. One told The Herald
newspaper: “When we started putting
our funds in the scheme one could get
assistance within seven days but things
later changed to 14 days and when we
were shut out the waiting period was
21 days.
“What it simply means is that the
number of people in need of help has
outnumbered the number of people
joining. Right now we have nowhere to
get our money which we invested.”
Despite the cautionary tales of
Zimbabwe and South Africa – and
indeed the original MMM scheme – a
branch is now proving increasingly
popular in Nigeria.
The Central Bank of Nigeria has been
forced to step in, warning consumers
not to deposit money in any institution
that is not insured by the Nigeria
Deposit Insurance Corporation (NDIC).
The bank’s comms director, Isaac
Okoroafor, described MMM Global as
“a new Ponzi scheme … that is
spreading like wildfire”.

“These people always come with very
interesting propositions,” Mr Okoroafor
said. “These are fraudsters who are
just out there to collect people’s money
and run away as soon as they hit their
target.”
MMM Global’s members across Africa
continue to defend its legitimacy,
publishing screengrabs showing
withdrawals as proof the scheme pays
out.
In South Africa, where a Ponzi scheme
is defined as any investment where the
return is 20 per cent higher than the
repo rate (currently 7 per cent), an
anonymous member told business
website Fin24: “MMM honestly tell
people how it really works and do not
promise people any return on the
investments.
“As a donation programme, how is it
possible to lose your donation? In
MMM people ask each other to help
them. It depends on the members
themselves to maintain the
continuation of the process of the
provision of help to each other.”
A number of South African banks have
now started shutting down accounts
they believe could be linked to MMM,
while in Zimbabwe the trusted mobile
money transfer company EcoCash has
distanced itself from the scheme,
saying it is “not liable for any losses
arising from the use of EcoCash to
engage in illegal activities such as Ponzi
schemes”.

Even with all this facts and findings you can trust Nigerians to always still get involve and later blame the Devil or village people for their misfortunes.

Source:www.independent.co.uk/news/world/africa/mmm-global-russian-ponzi-scheme-from-1990s-reborn-and-now-spreading-like-wildfire-in-africa-a7333366.html?cmpid=facebook-post

Won't you get tired?....Is MMM only online financial platform?. I wonder the hate. MMM pays, together we change the world

op go and register for mmm...the earlier u do so the better for u...meanwhile follow the link on my signature.

Mmadu111:
Won't you get tired?....Is MMM only online financial platform?. I wonder the hate. MMM pays, together we change the world

LEAVE US ALONE>>>>> IT'S OUR MONEY >>> IT'S OUR DECISION>>> IT'S OUR CHOICE!!!!

ARE YOU ANGRY THAT UR NEIGHBOR IS LIVING WELL NOW? YOU ALL SHUD LEAVE US ALONE... WE ARE NOT BLINDED... WE LOVE THE MMM COMMUNITY EVEN WITH THE RISKS..>>> U CANNOT KEEP ENSLAVING US... LONG LIVE MMM

NOBODY FORCED US INTO IT... AND WE DO NOT REGRET ANYTHING..

CHOOSE THIS FINANCIAL FREEDOM WITH US OR YOU REMAIN IN YOUR FINANCIAL SLAVERY AND LEAVE US ALONE!!!

LEAVE US ALONE>>>>> IT'S OUR MONEY >>> IT'S OUR DECISION>>> IT'S OUR CHOICE!!!!

ARE YOU ANGRY THAT UR NEIGHBOR IS LIVING WELL NOW? YOU ALL SHUD LEAVE US ALONE... WE ARE NOT BLINDED... WE LOVE THE MMM COMMUNITY EVEN WITH THE RISKS..>>> U CANNOT KEEP ENSLAVING US... LONG LIVE MMM

NOBODY FORCED US INTO IT... AND WE DO NOT REGRET ANYTHING..

CHOOSE THIS FINANCIAL FREEDOM WITH US OR YOU REMAIN IN YOUR FINANCIAL SLAVERY AND LEAVE US ALONE!!!

MMM ZIMBABWE IS VERY ALIVE


https://www.youtube.com/watch?v=_h7E31bQ73s

ZIMBABWE MMM ONLY DID A RESTRUCTURING AND IT IS VERY ALIVE AND THRIVING>>>> READ VIA THE LINK BELOW


http://www.google.com/url?q=http%3A%2F%2Fbabsol.com.ng%2Fremodel-of-mmm-zimbabwe-does-not-mean-collapse%2F&sa=D&sntz=1&usg=AFQjCNF78qEJfXJhEMO-tPF8G3RCBBqhqg