Naijacrux News:Welcome to Naijacrux Online Forum..Great Place To Get Tips Facts Updates and More ,Interact Discuss & Learn With Others !!.remember to register to enjoy much more update!!!New Updates From Naijacrux -Naijacrux Is Now Mobile Friendly - Download Our Android App On Our Forum Rules And Announcement Section.Our App Will be Live On Google Playstore And IOS Store Soon Aswell - CLICK HERE TO DOWNLOAD NAIJACRUX ANDROID APP !!! Dear Guest And Naijacrux Dedicated Members,!!! ,  You Can Now Receive Naijacrux Weekly New Post and Updates Via Email by Subscribing To Our Newsletter Using The Subscribe Button Above The Naijacrux Announcement And Discussion At The Top Home Page!!Never Miss A New Post And Updates Again.!Thank You.  !!!YOU ARE WELCOME TO NAIJACRUX INFORMATIVE LEARNING AND INTERACTIVE FORUM.This Website is an Intensive Forum of Learning We recommend you Register & Login to Enjoy much free stuffs ::>>Also remember to Update your Profile Immediately after registration. Thank you!>>>!!!!To All Advertisers And Patronizers, kindly Send Mail To Support@naijacrux.com For adverts Placement. thanks!!!


Author Topic: Poll: Is MMM genuine or a scam? Drop your Answers In The Comment Box Below  (Read 1102 times)

0 Members and 1 Guest are viewing this topic.

Offline Goodiez Chibuike Nwachukwu

  • Jr. Member
  • **
  • Posts: 97
  • Karma: +0/-0
Loading...


The entrance of Mavrodi Mondial Moneybox popularly known by its abbreviation, MMM, into the country sent Nigerians into a frenzy as many hop into the quick-money train. The company which was founded in Russia 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova recorded a rapid growth but in 1994, it came crashing down as it was closed over tax evasion.

Described as the biggest Ponzi scheme in the 1990s, it was estimated that thousands of people lost up to $10 billion dollars.


 
The scheme which has been banned in China has found its way to South Africa, Zimbabwe and recently Nigeria where it has attracted “investors” who put money into it and receive 30 per cent “profit” ant the end of the month.

Sergei Mavrodi was found guilty in 2007 in a Russian court of defrauding 10,000 investors and sentenced to four-and-a-half years in prison.

How MMM works

People are asked to register and put in money and after 30 days, they receive a 30 per cent profit plus the invested money.

Due to the larger number of people who participate, it is possible for money to circulate in a case described as robbing Peter to Pay Paul.

Sergei Mavrodi arrested in Russia

For example, if a person invests N10,000, he will receive N13,000 at the end of a month while there is also the promise of more money if an “investor” invites new people to participate.

Is it genuine of fake?

The Central Bank of Nigeria bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, had warned Nigerians against putting their money in the MMM scheme as it could not guarantee the unregistered financial enterprise.

“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise.

“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks.

MMM-COLLAPSED

“These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target. There is no insurance because the NDIC does not even protect them against such risks when they occur.

” In September, it was reported that the scheme had crashed in Zimbabwe throwing a lot of investors awaiting their money into tears although the company denied it claiming it was going through reform.

Some Nigerians who have participated in the scheme have described it as an answer to their prayers in this economically-challenging period as its financial return in a short period was “better than what any bank can offer.”

Some people have testified to investing their money and getting “genuine” return which has gingered them to not only put in larger investment but invite and convince people of its legitimacy. Other people are afraid that there is a huge uncertainty about when it might end and therefore are cautious about putting their fund into it.

They claim that since there is no security attacked to it, the MMM scheme might stop operation without warning all the money they have put into it will be lost. Do you think the MMM scheme is genuine or a fraud? Do you have any personal experience about it?

Vote in the poll and share you though and experience in the comment section below’

Source:  http://nigeriabreakingnews.com.ng/poll-is-mmm-genuine-or-a-scam-drop-your-answers-in-the-comment-box-below/


 

 

I didnt lobby for INEC post??Jega threatens to resign over additional poll units

Started by mastercode

Replies: 0
Views: 1504
Last post September 11, 2014, 09:18:17 AM
by mastercode
David Mark tells INEC -Declare Adeleke winner of Osun guber poll now

Started by Naijaloaded

Replies: 0
Views: 15291
Last post September 24, 2018, 02:44:01 PM
by Naijaloaded
Rivers 2015: Shocking details, PDP may lose guber poll - Briggs reveals

Started by jchima14

Replies: 0
Views: 1568
Last post November 13, 2014, 09:20:47 AM
by jchima14
Nigeria INEC reveals reasons Why card readers flopped during presidential poll

Started by internet police

Replies: 0
Views: 1931
Last post April 10, 2015, 07:09:39 PM
by internet police
Billionaire rejects Buhari’s appointment into 2019 poll campaign advisory counci

Started by guruslodge

Replies: 0
Views: 13840
Last post January 02, 2019, 09:12:19 AM
by guruslodge