After MMM Russia Shutdown 50 Of Its Investors Committed Suicide – 8 Shocking Revelation About The Ponzi Scheme

This is another insightful piece written to further enlighten the general public about the time-bomb called MMM.

As the economic recession continues to bite harder, Nigerians are looking for ways to make more money and survive which is why many are now looking up to MMM (Mavrodi Mondial Moneybox) for survival.

The “Wonder Bank” scheme which promises 30 per cent Return on Investment (ROI) after 30 days is really trending and more and more people are investing their money daily.

All you hear is “MMM pays” and trust Nigerians to latch on to anything that will give them free money especially in these hard times. Just yesterday, reports surfaced that the federal government of Nigeria is taking moves to shut down MMM operations in Nigeria.

The Central Bank of Nigeria (CBN) has warned Nigerians against patronizing the MMM scheme but all these warnings have fallen on deaf ears.

Before you decide to join the ‘MMM gang’ and invest your money in the scheme, here are things you need to know:

1. How it started and morphed into a Ponzi scheme

It was set up in 1989 by three Russians Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova. The name MMM was taken from the first letters of the three founders’ surnames. Initially, the company imported computers and office equipment. MMM was accused of tax evasion in January 1992 which led to the collapse of MMM-bank, making it difficult for the company to obtaining financing support for its operations.

MMM global was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. A Ponzi scheme is a fraudulent investing scam which promises investors a large profit at little to no risk. The scheme generates returns for older investors by acquiring new investors. In 1994, MMM morphed into a successful Ponzi scheme.

2. 50 investors committed suicide in 1994 after it crashed

The police closed the offices of MMM for tax evasion on July 22, 1994. The company tried to continue the scheme but the business shut. In the aftermath at least 50 investors who lost all of their money committed suicide.

3. The CEO is a convicted fraudster

Seigei Marvrodi is a convicted fraudster who had run similar fraud schemes in Russia. He was arrested in August 1994 for tax evasion. In 2007, a Russian court found him guilty of defrauding 10,000 investors out of 110 million rubles (4.3 million US dollars). He was sentenced to four and a half years in prison.

4. The current MMM Bitcoin version emerged in around 2011

Following Mavrodi’s release from prison, he launched another pyramid scheme called MMM-2011 in January 2011. He asked investors to buy so-called Mavro currency units. However, in May 2012, he froze the operation and announced that there would be no more payouts.

5. It began operations in South Africa in 2015

With the same business model as MMM-2011, it started operations in South Africa, promising a 30 per cent per month return through a social financial network. A number of South African banks are shutting down accounts they believe could be linked to MMM. In May, Capitec bank reportedly closed 2000 bank accounts linked to the MMM scheme.

6. MMM platform in Zimbabwe crashed

In September, reports surfaced that the scheme had crashed in Zimbabwe and thousands of people lost their investment. It was later reported that it did not crash but the reward was slashed from 100 per cent to 20 per cent.

7. It has been banned in China

The Chinese government banned MMM in January 2016 on the grounds that it is a pyramid scheme, (Ponzi scheme). According to the government, it is not registered in the country (and it cannot be registered as it is a fraudulent scheme).

8. Launched in 2016 in Nigeria

MMM launched a website targeting the Nigerian audience in July 2016. Since its launch, a good massive percentage of Nigerians have invested in the scheme and more people are still joining.

9. There comes a time when it will crash

Businesses that fall under Ponzi scheme often run until it fails to achieve the returns expected. Once investment slows down, the scheme shuts down. Most of the time, the promoter vanishes into thin air carting away all the investment money.

Many Nigerians will continue to defend the scheme and accuse the government of a hidden agenda to stop their means of income. However, people should be wise while investing in business ventures that are too good to be true.

MMM gang would always say “MMM pays”, “MMM-Making More Money”. It is paying at the moment but for how long?

Photos: 11 Year Old Girl With Rapidly Growing Gigantic Breasts Finally Undergoes Successful 7-hour Surgery (Must See)

Last week we brought you the pathetic story of 11 year old, class five pupil. Mamie Sam of Roman Catholic Primary School, in Sierra Leone who cried out for help after her breasts began to grow uncontrollably large after she went on a fishing expedition together with her grand mother. Click here if you missed it (To See Her Photos Before Surgery).

The good news is that yesterday, successfully underwent a 7-hour surgery to correct the situation. Help came her way after her plight went viral.

SEE PHOTO FROM AFTER THE SURGERY

Continue after the cut.

GREAT NEWS

It’s official the Sierra Leonean teenage girl who’s picture was all over social media, suffering from a diffuse breast hypertrophy ( Enlarge Breast ) was operated by a group of surgeons from Netherlands and Sierra Leone at the holy spirit hospital Masuba Makeni ( Sierra Leone ) this morning-Surgery started at 10:20 am and ends at 5:20pm GMT -Thanks be to God as the patient is hemodynamically stable . Pictures are too graphic to share .. A lot of things can be achieved with information sharing.. #ThePowerOfSocialMedia

“I’ll Hold Private Funeral On Trump’s Inauguration Day” – Prof Wole Soyinka

Nobel laureate, Prof. Wole Soyinka, who spoke in Lagos on Monday, explained that the funeral is not to mourn with the citizens of the US over their choice of president but to mourn the death of Nigeria’s common sense.

“Our common sense is totally lost. I am embarrassed sometimes that I occupy the same nation space with some people,” he said. He also said Nigerians did not have the right to query his personal decision to tear his US green card.

Punch Newspaper

Photos: Fans In London Pay £20 Entry Fee Just To Take Selfies With Bobrisky (Must See)

You can hate on him all you want, the controversial social media personality is cashing in!

Over the weekend, the famous cross dresser flew to England to meet with fans in London, and the event turned out to be a successful one.

According to folks on Twitter, the entry fee to see the SnapChat star was £20 (1 Pound = N595), and the turn out was outstanding as many fans trooped to the event centre and almost mobbed Bobrisky as they struggled to sit and take selfies with him.

As can be seen from the photos he uploaded on his social media, the star was also sprayed with Pound Sterling by excited fans who had been longing to meet him.

Check out the photos from the meet up below:

“MMM Is Satanic And If You’re Involved In It, You’re Demonic The Founder Was A Fraudster” – Apostle Suleman

The General Overseer of Omega Fire Ministries International (OFM), Apostle Johnson Suleman, has told his congregation members to disassociate themselves from anything that has to do with Mavrodi Mondial Movement investment scheme, popularly called MMM.

Suleman said MMM is Satanic and that those involved in it are demonic.

Speaking during a church service, the clergyman said:

“Go and check the founder of MMM. He was a fraudster in America; defrauded people, and that’s what you’re involving yourself in and you are a Christian, looking for easy way out. Many Christians have gotten involved. If you are involved in MMM, I have to pray for you today. It’s not of God. Any quick fix way for money is not of God because some people are being defrauded to enrich some other people.”

“Any quick-rich scheme is wrong. In life, everything you get if is not favour from a particular individual. If it’s quick favour through a process, you will pay for it later. If it’s a person you know that walked up to you and blesses you, take it. That’s favour. But a quick business transaction that can bring a return of over 200 person, is not of God.”

Photos: Lady Arrested For Pouring Extremely Hot Water On Her 10-Year-Old Houseboy To Wake Him Up From Sleep (Graphic)

One Ms Uduak was arrested and charged to Calabar Magistrates Court on Monday, November 28th for allegedly pouring boiling water on the face of 10-year-old boy, Daniel Okon Nse in an attempt to wake him up from sleep.

It was gathered that on Thursday, November 24th, at about 5:30AM, the 29-year-old suspect poured boiling water on Nse, causing severe burns and injuries on the child’s face and arm. Mr. Emmanuel Agan who is a neighbour to the accused, noticed the grave injuries on the child on Friday 25th November, 2016 and immediately reported to Basic Rights Counsel Initiative, a front line child rights organization in Calabar.

The organization immediately reported the case to the police and they arrested the perpetrator. The young boy, who is from Uruan in Akwa Ibom State said his dad is late. Until last September, Nse was a pupil of PCN Primary School, Akim, Calabar but stopped going to school after he was asked to repeat primary 3. His mother, a crayfish seller had given him out to live as house boy to one Madam Ime. According to CrossRiverWatch:

“The said Madam Ime is a food vendor (popularly known as “Mama Put”) at No. 7C, Etta Agbor Road, Calabar and on the fateful day of the incident, Daniel could not wake up on time to wash dishes when Ime’s eldest daughter (the accused) woke him up by pouring boiling water on his face.

Basic Rights Counsel Initiative had provided medical care to Nse and written to the Ministry of Sustainable Development and Social Welfare seeking temporary accommodation for the child, and the Ministry has promptly responded by placing the child in a government facility where he is now being kept pending when his biological parents/relatives can be traced

The Magistrate was said to be infuriated with the manner at which Ms. Monday responded to questions as her bail application was been heard, therefore turned down the application, remanded her in Afokang prison until the next adjourned date, Sunday 9th December, 2016.

Source: CrossRiverWatch

Photos: Nollywood Actor Leo Mezie And Wife, Storm Apostle Suleman’s Omega Fire Ministries Church For Thanksgiving

Nollywood actor, Leo Mezie, is full of thanks to Nigerians, most especially to Apostle Suleiman Johnson of Omega Fire Ministries for donating towards saving his life.

Mezie, who survived an advanced stage of kidney disease, said his battle with the disease and consequent victory made him to realise that indeed, “There is God, and He works in a miraculous way.”

Leo returned to the country from the UK last week after months of medical sojourn, very hale and hearty.