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MMM Ponzi Scheme Is Back!

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Notorious Mavrodi Mundial Moneybox (MMM), the Ponzi scheme which dashed the hope of over three million Nigerians in 2017, is back.

The new version known as MMM Cooperation promises as much as 50 percent return on any amount invested in it — 20 percent more than what the extinct version offered.

Just like the previous version, participants are to register, invest a particular amount in the form of “providing help” and “get help” with their investment and interest back after 30 days.

And some Nigerians are falling for it yet again!

The scheme had announced a shut down in April 2018 following the death of Sergei Mavrodi, its founder.

“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,” a message on MMM Nigeria website had read.

In a surprising turn of events, however, the scheme announced it had re-launched globally since January “to make Mavrodi’s legacy worthwhile.”

“Like sunrise in the morning , MMM Cooperation set the pace on the 22nd of January 2019 all over the world.

“From negligence by many to fear of unknown by prospective participants at the beginning; we are were we are today being most populous platform all over the world with six million participants all in space of four months,” a message on its website read.

One of the coordinators who gave his name as Guider Tee on twitter, said the new MMM is in over 170 countries.

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Support our journalism with a contribution of any size

Nigeria's media space is swamped with falsehood, deceit and delusion. Just a handful abides by the truth. TheNigerian is one of the unique platforms helping to shape the global narrative about Nigeria and her citizens across the world. It's quite costly to maintain this brand of journalism, however.

Readers from around the world, like you, make TheNigerian's work possible. We need your support to deliver quality, investigative journalism – and to keep it open for everyone. At a time when factual, honest reporting is critical, your support is essential in protecting our editorial independence. Every contribution, however big or small, is so valuable for our future.

Our brand of professional citizens' journalism requires a contribution from members of the public, patronage and sponsorship to thrive. We rely on this financial support to be able to carry out our numerous obligations of training, running cost, production, printing and general services. We also embark on Corporate Social Responsibilities through educational programs on our TV, newspaper and blogs.

Make a token donation to support us:
Account Name: Patriot and Sage Digital Communication Ltd
Account No: 1015619537
Bank Name: Zenith Bank

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