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MMM may finally crash before the end of January

22 January 2017, 15:19

Lagos-  There are indications that the final crash of Mavrodi Mondial Moneybox, a ponzi scheme popularly known as MMM, may be near, reports Today.ng

 This is because  more intending help providers (Provide Help) continue to renege on their promises to pay help seekers (Get Help).

Promoters of the scheme had re-awakened the interest of many subscribers when it announced the return of the scheme on Friday, January 13, a day earlier than the expected return date given, but the euphoria that greeted the unfreezing of the scheme was short lived following the inability of members to get paid.

While announcing its return penultimate Friday, operators of the scheme had announced that the scheme would attend to small investors first while subscribers with bigger financial commitments would have to wait a bit longer.

This was, however, not to be as the applications of those who signified interest in getting help (GH) were cancelled while intending help providers (PH) were put on hold. 

Promoters of the scheme had attributed the delay to upgrade of the system.

Also read: MMM to crash July 2017 say experts

However, when some help seekers (GH) were eventually matched with intending help providers (PH) on Friday, findings showed that a good number of intending help providers reneged on their promises to pay.

An online medium had reported a participant, Kolade Ogunwande, who manages a number of accounts, that N17,000 was paid into one of the accounts he handles for a friend.

“One of the accounts I manage for a friend finally got paid. She invested N20,000 on November 10, 2016, and her money has appreciated to N35,000,” he said.

“When MMM resumed last week, she said I should withdraw all the money for her, which I requested for immediately. She was paired the day after.

“The two people she was paired with had to pay N17,000 and N18,000 to make up the N35,000, but only one person has paid.”

Read more at Today.ng

- News24

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