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NIGERIANS BEWARE! MMM crashed in Zimbabwe, South Africa, China, Russia

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NIGERIANS BEWARE! MMM crashed in Zimbabwe, South Africa, China, Russia

Thousands of risk-taking Zimbabweans lost their hard earned dollars two days ago when self acclaimed financial freedom platform MMM global Zimbabwe crashed.

The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services last week leaving participants stranded.

The scheme advertises itself as a mutual aid fund under which recruited members contribute money to assist others and are promised investment returns of 30 percent per month. Some of the people left counting their losses told The Herald that they received emails that the scheme had been suspended until September 15.

It was gathered that the Reserve Bank of Zimbabwe, the equivalent of Nigeria’s Central Bank, warned people that the scheme was fraudulent and there was no legal recourse in the event they lost their money. Yet some people wen ahead and invested.

However, an MMM global consultant, who identified himself as Lucas from the Zimbabwe arm of the group said it was only a pause and not a collapse.

He said, “I have received a lot of inquiries from MMM participants in Nigeria about a news article that appeared in some section of the media. The general question from Nigeria is “has MMM Zimbabwe crashed?” Please note that MMM E.Africa where Zimbabwe falls under has not and will not crash. The only notable thing to write about is the Pause mode effected from 10 August and lifted on 6 September. It was to build PH reserves. It has since been lifted and the GH train is slowly and surely moving. Also note MMM E.Africa is not linked to MMM Nigeria, and whatever happened, is happening and will happen in MMM E.Africa has no influence or effect whatsoever to MMM Nigeria.”

In May, 2016 South African blog businesstech.co.za reported that the scheme failed in the country too. The group had reportedly claimed that the scheme closed up because of media and government persecution.

In January, this year, Chinese investors were warned by the Chinese Government about MMM Global and MMM China. The Chinese government believe that those schemes — and sites like them — are illegal. In 2015, Yury Chikhanchin, the Director of the Federal Financial Monitoring Service in Russia warned about the future collapse of the MMM Pyramid Scheme of Sergei Mavrodi in China. 

The scheme was reportedly setup by one Sergei Mavrodi, a Russian criminal and a former deputy of the State Duma. According to reports, Sergei Mavrodi was in 2007 found guilty in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

Nigerian central bank has also warned Nigerians against the scheme.

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3 Comments
  • mayowa mosiko

    An explanation regards the Situation in Zimbabwe

    The situation in Zimbabwe was caused by the participants as a result‎ of compound PH. This means a situation where people were only paying in money and building up MAVROS and Then no one is “GHing” so their money grew even beyond proportion, thereby making in-Flow of money smaller than the out follow. Now due to panic everyone, wants to withdraw their MAVRO (GH) at the same time following the comments from government over there. So their GH is now more than PH the money in distribution is now not enough to pay everyone at a time due to the compounded growth on their MAVRO.
    But Generally, things are under control If we relate this situation, to what Happened in SKYE Bank some months or Two ago, when CBN sacked all SKYE Bank board, everybody trooped in 2 withdraw their money’s as a result of panic and Fear the bank is going distress. But CBN managed the Panic, things normalized.
    So, as we speak now, MMM Global has step in 2 normal things in Zimbabwe. So things are getting normalised already
    But for emphasis- Be informed that MMM servers aren’t located in Nigeria, We have no legal bodies or centralized bank accounts, therefore there’s nothing that can be close down and what the authorities could undertake against us. It’s totally incomprehensible. I.e. it’s clear that they can do nothing, properly speaking. So, participate without worrying and don’t be afraid of anything.

    In summary

    MMM is me and you. 
    MMM is about giving  
    MMM is about helping 
    MMM is about change
    MMM is about fairness 
    MMM is about sincerity  ‎
    MMM is about integrity 
    MMM is about freedom 

     The progression of MMM depends totally on us. we can either kill it or make is survive.

    Let’s avoid ‎PANIC. Rather Maintain Constant PH and GH. 

    Together we change the world

  • mayowa mosiko

    I will explain what really happened in MMM Zimbabwe in order to calm panics in the mind of misinformed MMM participants.

    MMM Zimbabwe offers 100% mavro growth in 30days. This was implemented to attract participants due to the economic hardship in the country. This mavro growth for those of us in business is called market penetration.
    Again their mavro was never frozen just like ours in Nigeria which multiplies for 15 days and also freezes for that long before withdrawal.
    What happened in Zimbabwe is an implementation of what is already going on in Nigeria. MMM has seen that they don’t need no market penetration to attract participants. Their mavro growth was reduced from 100% to 20%. 10% below what we are getting in Nigeria(30%). And the mavro is also frozen for 14days just as its been done in Nigeria.
    Nigerian Model works perfectly fine and MMM is trying to implement it globally. So there is no collapse of any structure, its just a remodelling of what is already in place in Nigeria
    Again this is what happened in south African in April. They reduced their mavro growth from 50% or so to 30% and 20% with other schemes like lotteries introduced. And I can categorically tell you that the South African MMM community is growing faster and better than ever after that change and reduction in MAVRO growth.

    Some other points to note is: The writer of that piece, has absolutely no knowledge of how MMM works, and the main aim of it is to cause panic. Zimbabwe MMM is still going on even with the 80% decrease in mavro growth.
    Did anyone lose their money? No. What happened is when u pledge 10k, instead of getting 20k reward in 30days, which is 100% reward, u get 12k which is 20% reward. They are still rewarded with 2k. In Nigeria we get 3k reward for 10k pledge.

    So now did anyone lose their money? Absolutely NOT.
    Has it stopped MMM Zimbabwe from continuing? Not at all.
    The Nigerian Model of MMM Works perfectly so let’s keep it going?

    MMM is SWEET MMM PAYS
    Long live MMM
    All thanks to Sergey Mavrodi the founder of MMM

  • mayowa mosiko

    A lot of inquiries from MMM participants in Nigeria about a news article that appeared in some section of the media. The general question from Nigeria is “has MMM Zimbabwe crashed?” Please note that MMM E.Africa where Zimbabwe falls under has not and will not crash. The only notable thing to write about is the Pause mode effected from 10 August and lifted on 6 September. It was to build PH reserves. It has since been lifted and the GH train is slowly and surely moving. Also note MMM E.Africa is not linked to MMM Nigeria, and whatever happened, is happening and will happen in MMM E.Africa has no influence or effect whatsoever to MMM Nigeria. What will contribute to a crash any MMM is unnecessary panic like the one which may arise as people believe old news which a journalist just copy-pasted from an early August 2016 piece. Please relax, stay calm, Provide Help, Get Help, recruit and together we change the world.

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