Apparently there have been rumors flying around that MMM Nigeria has crashed as they announced they have suspended payments to some customers.

These rumors have made a lot of affected Nigerians frantic as many of them had believed that MMM Nigeria was the best get rich quick scheme ever.

However, amidst all of these rumors it is wise to note that this popular Ponzi scheme MMM Global had previously crashed in 2 of its previous African markets, Zimbabwe and South Africa before coming to Nigeria.

On September 26 , 2016 financialwatchngr.com reported that thousands of people, among them civil servants and vendors, lost thousands of dollars to the fraudulent online pyramid scheme MMM Global Zimbabwe after it collapsed recently.

The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services that week leaving participants stranded.

Zimbabweans had in the past months been joining the online investment scheme in droves in a bid “to get rich quickly”.

The Reserve Bank of Zimbabwe warned people that the scheme was fraudulent and there was no legal recourse in the event they lost their money.


March 2016, MMM crashed in South Africa, forcing the scheme to reset. Members of the scheme who had invested and were awaiting their returns lost millions of rands.

An article from a South Africa Website Fin24 reported that 'MMM SA members stand to lose thousands of rands after their accounts were frozen and the mavros points system was reset due to a lack of new money entering the alleged pyramid scheme.

Anonymous leaders of the South African wing of the alleged Russian pyramid scheme blamed “media panic” for the reboot on April 30.
MMM SA told members: “We have to declare a restart and start all over again. We have no choice.”

MMM members have voiced their concern on social media, with one claiming he is set to lose R30 000.

MMM stands for Mavrodi Mondial Moneybox and takes its name from its founder, Sergei Panteleevich Mavrodi of Russia. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003.



SOURCE: www.thatbluebook.com.ng