Mavrodi Mondial Moneybox (MMM), a popular Ponzi scheme which swept across Africa has announced return if operation in Nigeria as MMM Krypto.
Information seen on a flyer revealed that MMM Krypto held a recent event on December 2, 2023, in Durban, South Africa.
While advertising itself on its website as a “Worldwide Mutual Aid Fund, a Financial Social Network, or a World People’s Bank”, MMM Krypto targets an international audience.
Although MMM Krypto claims to be a voluntary informal association made up of millions of people globally who have declared “war against the banks and the Fed to kick against financial slavery”.
it issues a warning on its website saying “there are no guarantees and promises! Neither explicit nor implicit.
There are neither investments nor business! Participants help each other, sending each other money directly and without intermediaries.”
An estimated three million Nigerians lost N18 billion to MMM, the Nigerian Deposit Insurance Corporation (NDIC) revealed in 2017.
In 2017, one of the many victims of MMM’s Ponzi scheme, Ada Kole, reportedly committed suicide in Kubwa, a satellite town in the Federal Capital Territory (FCT). He reportedly consumed insecticide following the crash of MMM after he invested N750,000 shortly before his wedding.
In 2018, MMM had announced that it was closing down after the death of its founder, Sergei Mavrodi.
Mavrodi died in March after suffering from a heart attack.
The scheme wrote on its website, “After much deliberation, we have made the conclusion that continuing the system operation, without our leader and ideological inspirer, is impossible and makes no sense.
“We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts. In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.”
However, as photos from MMM Krypto’s event in South Africa surfaced online, netizens have expressed wariness about its possible dangers.
Reacting to MMM’s comeback, an X user @ChikwanhaAllan wrote: “I’m offended they wanna implicate crypto in their scam.”
Another X user, @blessingdivirim said: “There are new students who need to be schooled by the MMM school …interested students can enrol but it’s tears at graduation.”
While describing it as a scam, a Johannesburg-based X user, @Rayzofficial1 recounted losing R20000 in 2016.
“MMM is back ???????? Don’t even think of trying it oooo”, an X user @OtunbaIcon001 warned.
@Dajibawo1 said: “Just pity the many that would fall victim out of greed”
@DCO_Danny asked: “Why do they always come back towards end of the year (Christmas period)?”
@Phelyx_mukah demanded: “As e don come back. Make them give me the one wey I put for there the last time first.”
@Uyanwunechuks wrote: “They said “affliction shall never rise the second time” I hope I got the quote correctly.”
@D_lone_wolf added: “These people want to finish what they’ve started.
Even the original owner of MMM is dead. 🤦♂️”
