Popular money-doubling scheme, Mavrodi Mundial Moneybox (MMM), has finally crashed its operation as the scam Ponzi Scheme today placed a one month ban on all withdrawals starting from Dec. 13.
An official letter displayed on the page of participants of the scheme cited “Heavy Workload on System” as reason for the Ban.
Analysts see this “ban” as a step to the final crashing of the scheme.
According to a popular blogger, Mr. Aye Dee speaking on his verified twitter account,@MrAyeDee..
“This is how MMM crashed in South Africa. In May, MMM SA announced a freeze, just like MMM Nigeria did in December, SA still frozen.”
This is how MMM crashed in South Africa. In May, MMM SA announced a freeze, just like MMM Nigeria did in December, SA still frozen. pic.twitter.com/p4Y3FFCiKF
— Mr. Aye Dee (@MrAyeDee) December 13, 2016
What this means is that members of the ponzi scheme who are due to withdraw both their capital and 30 percent return on investment will no longer be able to do so until sometime in January 2017.
The organisation claims that “the ban on withdrawals is partly due to negative reports by the Nigerian media on the scheme.”
Another blogger, Mr Lateef Habib O. using twitter handle, @Sirehabbiibb said
“And To Those Taking Part in the MMM Nigeria Ponzi Scheme… It’s only your greed that’s playing out. Bet9ja, Nairabet, 360rubbish et al they are nothing different from MMM Nigeria.
All are Greed in Disguise”
Bet9ja, Nairabet, 360rubbish et al they are nothing different from MMM Nigeria.
All are Greed in Disguise
— Lateef Habib O. (@Sirehabbiibb) December 13, 2016
According to Mr. Aminu
“MMM Nigeria is the 14th Most Visited Site in 9ja. Dear God, Give Participants grace to bear this loss let us not hear any Suicide Stories.”
MMM Nigeria is the 14th Most Visited Site in 9ja. Dear God, Give Participants grace to bear this loss let us not hear any Suicide Stories.
— Mr. Aminu (@Aminu48584162) December 13, 2016
The letter reads in part;
“one-month freezing of confirmed Mavros.
“Dear members, as usual in the New Year season, the system is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by authorities in the mass media.
“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!..it is better to avoid taking risk, Moreover, there are just three weeks left to the New Year.
“On the basis of the above mentioned therefore, all confirmed Mavros will be frozen for a month.
“The reason for this measure is evident. We need to prevent any problems during the New Year and then, when everything calms down, this measure will be cancelled, which we will definitely do.
“We hope for your understanding, Administration.
PM News reports that a similar scenario played out in Zimbabwe and South Africa, where participants money were frozen for certain period, pausing the system, only to return with new adjustment in its terms, causing the scheme to crash.
Before this sudden turn of event, the Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) had warned Nigerians against participating in the scheme which it described as a “Ponzi”.
More comments by Nigerians
Imagine if MMM Nigeria had a physical address this morning….
— HENRY Okelue (@4eyedmonk) December 13, 2016
Very soon now Nigeria yoruba nollywood will make movies call
Omo yahoo ni MMM
— ♣NAUGHTY DAVE♠ (@iam_skeazy) December 13, 2016
— PITA (@jamarakills) December 13, 2016