Fresh investigations have revealed that the money spinning Ponzi scheme Mavrodi Mundial Movement also known as MMM might crash between June-July 2017.
Some “experts” in Ponzi schemes who spoke with Naij reporter said the scheme might not last longer than July of 2017 following recent developments such as multiple registrations by participants by users within the scheme....
The news website also learnt that some participants have now added fraudulent activities to the scheme as they now upload fake evidence of payment.
Recently, it was reported that 66,000 Zimbabweans participants were affected when this pyramid scheme crashed.
But operators of MMM have however started to move against fraudulent activities as investment can no longer stay more than 30 days in the system.
Over 3 million Nigerians including the learned and illiterate are participants of the money spinning Ponzi scheme.
With Nigeria sinking further into recession, youths and middle age adults have resorted to Ponzi schemes as a means of survival as it appears that the President Muhammadu Buhari led Federal government seems to be having a hard time battling with the economy. There also seems to be no end in sight to the recession.
A Nigerian, who styled himself as Pastor Ernest Chigozie Mbanefo was reported to be the mastermind of the Ponzi scheme.
Nigerian Communications Week said Mbanefo, based in South Africa, registered the site MMM-Nigeria.net domain on June 7, 2016 at about 5 pm Nigerian time.
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