Full Cycle: Popular Ponzi Scheme, MMM Nigeria May Finally Crash This Week

Full Cycle: Popular Ponzi Scheme, MMM Nigeria May Finally Crash This Week

By Wires | The Trent on January 22, 2017
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MMM Nigeria, financial pyramid, Sergei Mavrodi
The founder of the MMM financial pyramid, Sergei Mavrodi, leaves Matrosskaya Tishina prison on May 22, 2007 in Moscow, Russia. Mavrodi was the founder of a scheme that defrauded more than a million Russians of their life savings. | Getty Images

The crash of the popular ponzi scheme, Mavrodi Mondial Moneybox, MMM Nigeria, may be nearer than expected as more intending help providers (Provide Help) continue to renege on their promises to pay help seekers (Get Help).

According to reports, operators of the scheme had announced that the scheme would attend to small investors first while subscribers with bigger financial commitments would have to wait a bit longer.

This was, however, not to be as the applications of those who signified interest in getting help (GH) were cancelled while intending help providers (PH) were put on hold. Promoters of the scheme had attributed the delay to upgrade of the system.

However, when some help seekers (GH) were eventually matched with intending help providers (PH) on Friday, findings showed that a good number of intending help providers reneged on their promises to pay.

Some Mavrodians, blamed the failure of help providers to fulfill their promises on the growing uncertainties surrounding the scheme.

A subscriber, who simply identified himself as Michael, said he refused to pay the help seeker he was matched with because he no longer believed in the scheme.

“I was paired to PH but I declined because I am not sure if I will ever get my money back. Some people I know to have been paired have also declined to pay. The way things are unfolding, the scheme cannot survive this week,” he said.

Narrating her inability to get help despite having been paired, a subscriber who gave her name as Rolake, said: “I was paired to get help but none of my PHs has responded.

When I called to remind them yesterday, two of them promised that they would pay me but when I called them this morning neither of them picked my calls,” she said.

But while many help providers continue to ditch the scheme, It was gathered that there are few others who are still willing to give help.

Subscribers who belong to this category are largely those who have their money trapped in the system and who have also signified interest to give help.

One of them who claimed to have N200,000 trapped in the scheme said he was compelled to pay somebody yesterday because of fear of losing his money.

“I paid somebody yesterday because I don’t want my account blocked. I have N200,000 in my account before it was suspended last year and since I had also indicated intention to provide help.

“If I didn’t provide the help, my account would be blocked and that simply means I would lose all my money,” the subscriber, who gave his name as Ebuka, added that, “it is easy to back out only if you don’t have money in your account.”

via Herald.ng



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