What You Need To Know About MMM

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Editorial Staff
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What You Need To Know About MMM

MMM which stands for Mavrodi Mondial Moneybox is a scheme which has become extremely popular in many African countries off the back of its claims of 30% of whatever participants pay into it monthly.

Sergey Panteleevich Mavrodi is a known Russian, born in August 11, 1955. He is a Russian criminal and a former deputy of the State Duma. Sergey Panteleevich Mavrodi is the founder of the МММ series of pyramid schemes.
In 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

Read Also: What is MMM And How to Make Your Money Grow Faster For You
In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding “It is a naked scheme, nothing more … People interact with each other and give each other money. For no reason!. Mavrodi said that his goal with MMM-2011 is to destroy the current financial system, which he considers unfair, which would allow something new to take its place.

MMM-2011 was able to operate openly as Ponzi schemes and financial pyramids are not illegal under Russian law. practically In May 2012 he froze the operation and announced that there would be no more payouts In 2011 he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle is a pyramid. 

He has also launched MMM in China. He was reported to be trying to expand his operations into Western Europe, Canada, and Latin America. As of September 2015 it had spread rapidly in South Africa with a claimed 1% per day or 30% per month interest rate scheme and warnings from both the South African and Russian Communist Parties for people not to participate in it.In early 2016, he continued the same model in Zimbabwe (the accounts were frozen in September 2016), and later, in Nigeria

MMM Global which has been labelled a ponzi scheme is flourishing in Nigeria. This despite China and South Africa banning it and warning their citizens against it. In January the bank accounts of an investor in MMM Global in South Africa were frozen for violating the Consumers’ Protection Act.
Olumide who claims to be a 100+ guider and consultant for MMM Nigeria said that the negative publications about MMM is a conspiracy of some individuals who do not want others to prosper. He said that it is normal for any viable and reliable venture to encounter resistance. An ex-banker with United Bank for Africa, Onyeka Ukasoanya, said that he thinks it all boils down to greed and illiteracy. .

A lecturer at Baze University Abuja, Zainab Oiza Adeiza, expressed her personal skepticism towards such schemes, but acknowledged the fact that Nigerians have a tendency for going crazy over them. Adeiza says that with the economic situation rapidly going from bad to worse, any option that has the potential to provide an extra source of income is a very welcome idea to most Nigerians. She warned that with such products the actual money is earned by the early subscribers. The latter participants at some point begin to live on hope until the entire system either fizzles away or crashes.
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