Popular ponzi scheme MMM has officially announced a "reboot" of the system, leaving many Nigerian participants crying amongst thousands together with millions of naira trapped inwards the scheme.
In a message posted on the participants' homepage on Sat morning, the scheme said that they had had problem staying afloat later on a recess inwards Dec 2016, but had been forced to restart the system.
Many of the participants who commented on several MMM Whatsapp groups sadly reported how they together with their families had lost millions inwards the scheme.
MMM is a ponzi scheme that gained popularity inwards Nigeria inwards 2016. It promised to pay participants a 30% render on investment every thirty days.
Despite several warnings from the Federal Government together with its fiscal regulators, many Nigerians went on to participate inwards MMM.
Recall that inwards 2016, the Federal Government, through the Central Bank of Nigeria (CBN) together with the Securities together with Exchange Commission (SEC) warned Nigerians non to seat their coin inwards the plan.
In Dec 2016, the scheme entered "Pause Mode", freezing participants' funds together with allegedly screwed amongst N18 billion, but promised to resume payments yesteryear Jan 2017.
MMM fulfilled its hope yesteryear resuming inwards Jan but had novel rules: the coin of 2016 had to locomote returned inwards percentages of novel coin "invested".
This too did non stand upwardly the examination of time, together with inwards July 2017, the innovation went into semi recess fashion when it could non pay the withdrawal requests.
While those who lost their coin inwards June / July continued to expression together with mourn, the Ponzi scheme, inwards a frantic endeavor to remain afloat, began paying those who "invested" their coin inwards August, promising to brand the payment to comprehend those whose coin was nonetheless pending from June together with July.
He fifty-fifty introduced 100% render on investment to encourage to a greater extent than Nigerians to participate inwards August.
Apparently unable to maintain its promises to pay the June / July promises together with human face upwardly to a greater extent than challenges, the Ponzi scheme announced on Sat that it would restart, blaming the Nigerian authorities together with the media for their problems that began inwards 2016.
Read the total text of the message:
RESTART
Unfortunately, nosotros accept non been able to overcome the consequences of the crisis unleashed yesteryear the authorities together with the media inwards actions seized before this year. Despite all our efforts. The problems accept been accumulating and, every bit a result, nosotros accept to denote a restart.
Then, at that topographic point is a restart:
All the erstwhile Mavros (acquired before this promotion is published) are frozen. We volition gradually purchase them i time to a greater extent than every bit the organization develops.
All transactions amongst novel Mavros (acquired later on this proclamation is published) volition locomote carried out inwards the commons price without restrictions.
Some amendments to the rules accept been made:
Mavros volition straight off induce to grow at the 2nd the asking is confirmed (not at the fourth dimension it was created, every bit it was before). Consequently, the bonuses volition induce to grow at the 2nd inwards which the principal contribution is confirmed (on which the bonuses accept been rewarded). Mavro-50% for the foremost contribution volition non locomote available. We ship contributions of 3 months of ii types: 40% together with 50% (see to a greater extent than details inwards WHAT IS MMM). We trust that this mensurate (especially paragraphs 1 together with 2) volition significantly trim down the charge on the organization piece significantly improving its stability.
As a thing of fact, a reboot is non the destination of the world, it's but a reboot of the organization together with zero else. Continue to render aid together with you lot volition recover everything (even if you lot accept lost something now). Everything starts from the beginning. It is the close opportune 2nd to participate.
We would too similar to remind you lot (just for the sake of the form) that everyone knew all the risks together with that they had read the WARNING that they too confirmed yesteryear ticking the appropriate box inwards the registration process.
Waiting for your understanding, direction of MMM
Some of the innovation participants expressed regret for joining MMM.
One of the participants (names held back) said that if he had known that he would accept used his coin for something amend instead of investing inwards the scheme.
"These MMM people are rattling useless, they but came to cheat us," he said.
On the hope of the innovation to purchase dorsum the debts he had amongst the Nigerians when he restarted, he said: "Restart? With whom are you lot restarting? No i volition always bring together MMM inwards Nigeria."
"MMM is gone together with it's gone forever," he said.
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