Connect with us

news

MMM Ponzi scheme in a comeback bid

Published

on

MMM organises party for FCT residents
MMM trying to stage a comeback

By Desmond Ejibas/Port Harcourt

The money making scam, Mavrodi Mundial Moneybox (MMM), that collapsed months ago, has launched a weekly promotional stunt, obviously aimed at wooing old and unsuspecting new ‘investors’.

A letter displayed on the pages of participants of the scheme, urges them to invite new members. Members must invite new participants and register them as referrals to qualify for the contest.

They have the opportunity to win cash prizes between N30,000 and N500,000, under an exercise the Ponzi scheme masterminds call, “Promo-Task Contest’

The letter reads in part: “MMM Nigeria launches Promo-Task Contest.

“MMM Nigeria launches the first Promo-Task Contest – which a relevant section has been created for the contest in the Personal Office.

“Winners are selected based on the number of points received for completing promo-tasks. Whoever receives the biggest number of points becomes the winner.

“The contest period is from Monday to Sunday while at the end of each week; winners are announced and awarded Mavros (cash prizes) available for output.

“In the first contest, there are 50 prizes. First place will win N500,000; second place N300,000 and third place winner will take home N200,000.

“Fourth place to 10th place winner get N100,000 each; 11th to 30th place wins N50,000 each while participants who placed 31th to 50th wins N30,000 each.

“Members can complete both online and offline tasks with focus to promoting the community and contribute to growth of the scheme.

“The promo-task contest is a serious tool aimed at community growth, and as such, would be continuously adjusted and refined to enable MMM Nigeria to overcome.”

The News Agency of Nigeria (NAN) recalls that the Securities and Exchange Commission (SEC) and the Central bank of Nigeria (CBN) have warned Nigerians against participating in the scheme which they described as a “Ponzi” scheme.

The scheme has been mired in controversies after it placed a one-month freeze on all withdrawals from the scheme on Dec. 13, 2016.

The scheme, however, made a comeback on Jan. 13 and quickly placed a limit to the number of withdrawals from old-confirmed mavros (money), drawing wild condemnation from members and making many of them walk away

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

sport25 mins ago

Tunde Adeyemi, Ilorin based physiotherapist is dead

The management of Kwara United FC has described as shocking the death of Mr Tunde Adeyemi, a one time Masseur...

top stories2 hours ago

SHOCKING….. Monkey swallow N70million Senators’ money

A senator, Shehu Sani (Kaduna-APC), has given some insights into why Abdullahi Adamu (Nasarawa-APC) was removed as chairman Northern Senators...

Politics6 hours ago

See newly passed law by Kwara Assembly

The Kwara State House of Assembly has passed a Bill for a law expanding areas where manufacturing, sales and consumption...

Crime7 hours ago

Read full police report on Offa/Ijagbo crisis

At about 0800hrs, report reaching the Area commander Offa, indicated that, a land dispute between Ijagbo and Offa communities was...

news7 hours ago

Communal clash: Gov Ahmed read riot act to perpetrators

  Kwara State Governor, Dr Abdulfatah Ahmed has warned that it will deal decisively with perpetrators of communal clash between...

top stories9 hours ago

Amaechi receives report on 2 accident ships

Aminat Isah, Abuja The Minister of Transportation, Rotimi Amaechi, has received reports of the Marine Board of Inquiry set up...

news15 hours ago

Benue Killings: Police apprehends 17 suspects

No fewer than  17 suspects have been arrested in connection with the killings of some travellers in Gboko and some...

Metro15 hours ago

What Abeokuta High Chief use for oath-taking in court will surprise you

An Egba top traditionalist, Chief Falola Olomade Adisa, on Tuesday rejected in court the two Holy Books of the Bible...

Fashion19 hours ago

Latest pictures of Queen Elizabeth II as she appears at London Fashion Week

© Copyright : REUTERS/Yui Mok/Pool Britain’s Queen Elizabeth II made a surprise appearance at London Fashion Week on Tuesday, taking...

Celebrities19 hours ago

See latest hot photo shots of Ashley Graham

Ashley Graham is once again putting her famous curves on full show in yet another snap from her third Sports...

Advertisement

Copyright © 2017 Royal News.

%d bloggers like this: