MMM Nigeria - one of the numerous ponzi schemes
operating in the country is back with a promise to be completely better.
Back in April 2018 following the death of Sergei Mavrodi, its founder, the scheme notified participants of shutdown of activities. This was displayed to the shock of many investors who eventually lost all invested money:
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.
Back then, with the inspiration of their leader, 30% of all invested cash plus the invested sum of money was promised. Few months later after that disappointing exit, the scheme has re-launched globally “to make Mavrodi’s legacy worthwhile” with a 50% return this time.
“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 according to the News Agency of Nigeria who gave his name as Guider Tee on Twitter, said the new version of the scheme is better than before.
Great News……MMM is back and better! What we have all been waiting for is back supporting over 170 local different countries and is peer to peer re-launched January 2019. Provide Help (PH) and Get Help (GH) Now!
The operation of the new ponzi sheme doesn't deviate from the former. With the money you are willing to invest, signup through their portal and wait 30 days for it to grow 50% more.
Previous participants decried their fate at investing on the platform, is the renewed MMM any difference?
Ponzi schemes must collapse and that is a matter of when, not whether it will. These schemes basically rely on new contributions to pay existing contributors and cannot continue attracting new contributions forever in the rate and speed to cover the returns to be paid within the limited time.
The start of the scheme is always the only blooming days in a ponzi scheme's lifespan. Then, there are more investors inwhich their contribution is enough to pay the neccesarry returns to the former ones.
After some time, when investors might have been much and the rate of contribution decreases(as older ones would be waiting to get their returns), the scheme goes mute.
Can MMM change the norm?