Scam alert: MMM Ponzi Scheme returns, promises 50% profit on investment

Popular Ponzi scheme, Mavrodi Mundial Moneybox (MMM) has begun operation again, this time, promising those who partake in the scheme a 50% return on any amount invested in it. The scheme which crashed in 2017, resulting in the loss of huge amounts of money belonging to over three million Nigerians in 2017 has resumed operation just like the previous version. This latest version of the scheme known as MMM Cooperation, urges participants to register, invest a particular amount and get investment and interest back after 30 days. MMM had shut down in April 2018 following the death of Sergei Mavrodi, its founder, but has re-launched globally since January 2019. Announcing its resumption on its website, the scheme said: “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 6MILLION participants all in space of 4 months. One of the active participants who has risen to the ranks of a guider in the scheme announced via Twitter a WhatsApp group for interested persons to join and some have indicated interest. But Nigerians who recalled their sour experiences with the scheme expressed mixed reactions about joining as seen below: Meanwhile, the Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online investment scheme tagged Loom Money Nigeria. Acting director general of the commission, Mary Uduk gave the warning at a news conference in Abuja on Thursday, May 16. A statement by SEC’s head of media, Efe Ebelo, said that Uduk, who was represented by acting executive commissioner, operations of SEC, Isyaku Tilde, said Loom Money Nigeria had taken over the social media.