Tag: MMM
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Ponzi Scheme: Netizens react as MMM resurfaces, rebrands
The social media is awashed with news of the return of MMM, a Ponzi scheme that existed for years before it was shut down. MMM also known as Mavrodi Mundial Moneybox generated a lot of controversy on social media when some parsons who invested in it discovered they had been swindled.
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BBNaija 2019: I was depressed after losing my money to ponzi scheme- Gedoni
Big Brother Naija 2019 housemate, Gedoni has recounted how he fell into depression when he lost his money to Mavrodi Mundial Moneybox (MMM) before he got into the 2019 edition of BBNaija reality show. He made this known while speaking to the housemates on Thursday evening . Gedoni added that during that period, he also…
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MMM announces final shutdown over founder’s death
…Says it initially warned participants of the risks involved Sequel to the death of its founder, the management of the global ponzi scheme, Mavrodi Mundial Moneybox (MMM) on Friday announced a final shut down of operations. The ponzi scheme made the announcement on its official global website on Friday. Recall that the founder, Sergey Mavrodi,…
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Founder of MMM, Sergey Mavrodi is dead
Sergey Mavrodi, the founder of MMM, a Russian company that ran one of the world’s largest Ponzi scheme, is dead. According to a report by Moskovsky Komsomolets, the founder of the MMM series of financial pyramid schemes, Mavrodi, died in Moscow at the age of 62. Mavrodi was taken to a city hospital from a…
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Missing UNIOSUN student reappears, says ‘I went to hustle after losing school fees to MMM’
A run away final year student of the Department of Accounting, Osun State University, Yemi Olaniyan has turned himself in after several months of disappearance. Recall that Olaniyan’s family had earlier alleged that their son dissappeared from the Ojodu Police Station in Lagos State. The student was presented to journalists by the Commissioner of Police…
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Senate vows to expose, prosecute banks used for MMM fraud
The Senate on Thursday vowed to expose all commercial banks in the country used by discredited Ponzi scheme popularly called Mavrodi Mondial Movement (MMM). The upper chamber said the exposure of the banks used for MMM became necessary so that the affected banks would face appropriate sanctions. The Vice Chairman, Senate Committee on Information and…
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Financial sector loses N2.19bn to fraudsters
The nation’s financial sector lost N2.19 billion to fraudsters in 2016, according to Annual Report of the Nigeria Electronic Fraud Forum (NeFF), released in Abuja. According to the report, the actual money lost to fraudsters is slightly less than the N2.256 billion recorded in 2015. However, the volume of fraud cases jumped to 19,531, against…
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MMM is gone, another Ponzi scheme’ll pick up soon in time
The Ponzi scheme, MMM might be dead and buried, but market watchers have predicted another might spring up soon in time, and warned Nigerians must beware not to fall victim. Mrs. Nimi Akinkugbe, 23-years experienced banker, speaking on “Personal Wealth Management” at The Platform on May Day urged Nigerians need to make good decisions on…
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Two MMM agents arraigned for fraud
Two middle-aged persons, Debora Fojo and Musa Garba on Friday appeared before a Malumfashi Chief Magistrates’ Court in Katsina State for breach of trust and cheating. The two were accused of collecting N429, 000 to invest in an online business called MMM. Fojo and Garba are residents of Government Girls Secondary School Malumfashi Quarters and…
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MMM Nigeria initiator, wife flee abroad as new guidelines emerge
Chuddy Ugorji, the initiator of the Nigerian version of the Mavrodi Mondial Moneybox ponzi scheme, popularly known as MMM, has fled the country with his wife, Amaka. Unconfirmed reports said the MMM Number one Guider has absconded and relocated to the Philippines. Ugorji allegedly fled the country while many investors were awaiting anxiously to be…