MMM ready to restart on January 14
In spite of the cloud of doubts surrounding its operations in Nigeria, the promoters of Mavrodi Moneybox Mundial (MMM), a Ponzi scheme that promises 30% interest on seed funds say the scheme would resume on January 14 as promised.
“Everyone expecting to see a stronger and more sustainable community from 14th January,” MMM Nigeria tweeted on Wednesday.
The scheme in a message sent to all subscribers in December 2016 said it was freezing withdrawal of confirmed Mavros (funds) for one month, noting that the measure was put in place because “the System is experiencing heavy workload.”
While critics believed the scheme was gone for good, participants and promoters said their belief in the system was unwavering. New rules for participants are expected to come into effect on January 14 to ensure its sustainability, the promoters explained.
“New model will address the issues of fake proof of payment and non-confirmation of order by recipients,” said MMM Nigeria.
“On the issue of fighting multiple accounts, the use of BVN was suggested which was unanimously rejected. Head of CRO, Mr Andrew attested that BVN can only be verified by Nigerian banks, so there is no way support can verify BVN.