Home Social Issues MMM Ponzi scheme struggles to make a comeback

MMM Ponzi scheme struggles to make a comeback

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After collapsing months ago, the money making scam, Mavrodi Mundial Moneybox (MMM), that , has launched a weekly promotional stunt, obviously aimed at wooing old and unsuspecting new ‘investors’.

A letter displayed on the pages of participants of the scheme, urges them to invite new members. Members must invite new participants and register them as referrals to qualify for the contest.

The letter reads in part: “MMM Nigeria launches Promo-Task Contest.

“MMM Nigeria launches the first Promo-Task Contest – which a relevant section has been created for the contest in the Personal Office.

“Winners are selected based on the number of points received for completing promo-tasks. Whoever receives the biggest number of points becomes the winner”‘

The News Agency of Nigeria (NAN) recalls that the Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) have warned Nigerians against participating in the scheme which they described as a “Ponzi” scheme.

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