Popular Ponzi Scheme as Comeback As MMM Krypto, Warns Users No Guarantees

Popular Ponzi Scheme Makes Comeback As MMM Krypto, Warns Users No Guarantees

Mavrodi Mondial Moneybox (MMM), a popular Ponzi scheme which swept across Africa, with branches promising returns on investment of 30 per cent a month in South Africa, Zimbabwe, Nigeria and some East African countries is attempting to make a comeback as MMM Krypto.

Information seen on a flyer revealed that MMM Krypto held a recent event on December 2, 2023, in Durban, South Africa.

While advertising itself on its website as a “Worldwide Mutual Aid Fund, a Financial Social Network, or a World People’s Bank”, MMM Krypto targets an international audience.

Although MMM Krypto claims to be a voluntary informal association made up of millions of people globally who have declared “war against the banks and the Fed to kick against financial slavery”, it issues a warning on its website saying “there are no guarantees and promises! Neither explicit nor implicit. There are neither investments nor business! Participants help each other, sending each other money directly and without intermediaries.”

An estimated three million Nigerians lost N18 billion to MMM, the Nigerian Deposit Insurance Corporation (NDIC) revealed in 2017.

In 2017, one of the many victims of MMM’s Ponzi scheme, Ada Kole, reportedly committed suicide in Kubwa, a satellite town in the Federal Capital Territory (FCT). He reportedly consumed insecticide following the crash of MMM after he invested N750,000 shortly before his wedding.

Over 2.7 million Nigerians were reportedly scammed of over N80 billion by another Ponzi scheme, which claimed to be a Nigerian arm of a UK-based company, BBH Global.

In 2018, MMM had announced that it was closing down after the death of its founder, Sergei Mavrodi.MMM is back ???????? Don’t even think of trying it oooo”, an X user @OtunbaIcon001 warned.

In the same vein, a South African @Bonisile_RMS lamented “The difficulty with warning your aunts and uncles about MMM and other pyramid schemes is that they will just do it behind your back. They will just think you are jealous because you want your father to be the only one driving a Hardbody.”