MMM Global Ponzi Scheme Now Infects Nigerian Investors

Gautham | September 29, 2016 | 2:00 pm
Chinese Government Warns Bitcoin Investors About MMM Global Ponzi Scheme

MMM Global Ponzi Scheme Now Infects Nigerian Investors

Gautham | September 29, 2016 | 2:00 pm

Over the past few years, people across the world have been getting emails from “Nigerian princes”. These self-proclaimed royals promise riches in return for a small deposit. But overall, they were a scam even a child could tell.

Replacing the Nigerian princes in latest events is MMM Global, a company that has notoriously conned people off their savings in many countries, including Zimbabwe and South Africa. The hoax investment firm is now reportedly targeting Nigerian investors with its latest expansion.

READ MORE: Bitcoin Ponzi Scheme MMM Global Gains Supporters in South Africa

Operating under the supervision of Sergey Mavrodi, a decade long supporter of Ponzi businesses, MMM has managed to attract investments from the people of Nigeria. The funds are being raised despite legal warnings from concerned authorities from all across the globe. Even with so many examples, including the recent closure of MMM’s Republic of Bitcoin scheme, it continues to attract new investors.

The Central Bank of Nigeria has issued a warning to all the consumers, asking them to refrain from depositing money into any institution or scheme that is not insured by the Nigeria Deposit Insurance Corporation. Many financial institutions across the African continent have started to shutdown accounts that may be connected to MMM Global or any related investment schemes.

According to reports, Sergey Mavrodi is hiding following the closure of the Republic of Bitcoin scheme. MMM owes millions of dollars to investors across the globe.

One of the Zimbabwean investors was quoted by a newspaper saying,

“When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days… What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”

In the last decade, Sergey Mavrodi was found guilty by a Russian court for defrauding over 10,000 investors of over $4.3 million. He was sentenced to 4 and half years in a penal colony. Since then he has launched multiple geographic schemes, including the ones in South Africa, Zimbabwe and now Nigeria.

It is time for people to learn from the history and stop investing in MMM or similar schemes, else it will be an insult to Charles Darwin and the whole theory of evolution.

Ref: The Independent | Image: NewsBTC
Tags: , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!