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MMM Global
MMM Global (also known as МММ-2011 / МММ-2012) is a Ponzi scheme launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries.[citation needed] MMM Global is a new avatar of the Russian company MMM, also created by Mavrodi and which operated from 1989 to 2004. The difference between the two is that MMM Global targets developing countries. MMM Global became widely popular in various African countries such as South Africa, Nigeria, Zimbabwe, Kenya and Ghana, with some attributing this popularity to poverty and poor government regulation or law enforcement.
In 2000, MMM began operating in South Africa with the same business model as MMM-2014, claiming a "30% per month" return through a "social financial network". The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank. In response to mounting criticism and official investigations by state authorities in 2016, supporters of the South African MMM scheme staged a protest march in Johannesburg. and had started up again in late November 2016.
In November 2015, MMM launched a website targeting the Nigerian audience, also claiming a "30% per month" return including other acquirable bonuses. The entity was self-described as a "mutual aid fund where ordinary people help each other." 2.4 million people had signed up by late 2016, with the country's unemployed as primary targets. Nigeria's Economic and Financial Crimes Commission confirmed that it was monitoring the scheme.
On 13 December, shortly after celebrating its first anniversary amid a festive mood from some members, MMM Nigeria announced the freezing of all members' accounts due to what it called "systems overload and the negative attention brought on by the Government and mass media". This led to wide spread panic in the nation and even attempted suicides. On 14 December, LASEMA (Lagos State Emergency Management Agency) of Lagos State pleaded with Lagosians to dial their emergency number if they spotted anyone trying to commit suicide. LASEMA took this action due to the number of suicides MMM caused in Russia.
In 2017, the Redeemed Christian Church of God (RCCG) in Nigeria warned all members against participating in the MMM scheme.
By January 2017, hundreds of other similar Ponzi schemes jumped into the ever-widening Ponzi industry in Nigeria, amid reports that MMM had crashed in December 2016. These schemes include ABCDonor, Twinkas, and Ultimate Cycler, with rates offered up to 200%.
MMM Nigeria reopened on 13 January 2017, but has been plagued by grievances from participants concerning delayed or unfulfilled payments. This has been attributed to spiraling fear sweeping amongst participants, some of whom have moved to new Ponzi schemes.
On 11 February 2017, MMM Nigeria announced the lifting of withdrawal limits on the 2017 mavro (i.e. mavros paid for in 2017 could be withdrawn without limits) while no specific limit for the 2016 mavro was stated. This aimed to encourage new participants to enter, giving old members some assurance of getting back their money. However, this has not allayed the fears of some old members especially after MMM informed them that to get back their pre-2017 money they should add more money, and the more money they add, the better the chances of recovering their previous funds in the scheme. In its tweets, MMM claimed that programmers would work towards implementing the release of thrice the amount paid in as new contribution from the old mavros. The tweets however did not say when this would be done.
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MMM Global
MMM Global (also known as МММ-2011 / МММ-2012) is a Ponzi scheme launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries.[citation needed] MMM Global is a new avatar of the Russian company MMM, also created by Mavrodi and which operated from 1989 to 2004. The difference between the two is that MMM Global targets developing countries. MMM Global became widely popular in various African countries such as South Africa, Nigeria, Zimbabwe, Kenya and Ghana, with some attributing this popularity to poverty and poor government regulation or law enforcement.
In 2000, MMM began operating in South Africa with the same business model as MMM-2014, claiming a "30% per month" return through a "social financial network". The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank. In response to mounting criticism and official investigations by state authorities in 2016, supporters of the South African MMM scheme staged a protest march in Johannesburg. and had started up again in late November 2016.
In November 2015, MMM launched a website targeting the Nigerian audience, also claiming a "30% per month" return including other acquirable bonuses. The entity was self-described as a "mutual aid fund where ordinary people help each other." 2.4 million people had signed up by late 2016, with the country's unemployed as primary targets. Nigeria's Economic and Financial Crimes Commission confirmed that it was monitoring the scheme.
On 13 December, shortly after celebrating its first anniversary amid a festive mood from some members, MMM Nigeria announced the freezing of all members' accounts due to what it called "systems overload and the negative attention brought on by the Government and mass media". This led to wide spread panic in the nation and even attempted suicides. On 14 December, LASEMA (Lagos State Emergency Management Agency) of Lagos State pleaded with Lagosians to dial their emergency number if they spotted anyone trying to commit suicide. LASEMA took this action due to the number of suicides MMM caused in Russia.
In 2017, the Redeemed Christian Church of God (RCCG) in Nigeria warned all members against participating in the MMM scheme.
By January 2017, hundreds of other similar Ponzi schemes jumped into the ever-widening Ponzi industry in Nigeria, amid reports that MMM had crashed in December 2016. These schemes include ABCDonor, Twinkas, and Ultimate Cycler, with rates offered up to 200%.
MMM Nigeria reopened on 13 January 2017, but has been plagued by grievances from participants concerning delayed or unfulfilled payments. This has been attributed to spiraling fear sweeping amongst participants, some of whom have moved to new Ponzi schemes.
On 11 February 2017, MMM Nigeria announced the lifting of withdrawal limits on the 2017 mavro (i.e. mavros paid for in 2017 could be withdrawn without limits) while no specific limit for the 2016 mavro was stated. This aimed to encourage new participants to enter, giving old members some assurance of getting back their money. However, this has not allayed the fears of some old members especially after MMM informed them that to get back their pre-2017 money they should add more money, and the more money they add, the better the chances of recovering their previous funds in the scheme. In its tweets, MMM claimed that programmers would work towards implementing the release of thrice the amount paid in as new contribution from the old mavros. The tweets however did not say when this would be done.