Nigerian savers risk losing millions in troubled pyramid scheme
What you need to know:
- The Mavrodi Mundial Moneybox scheme administrators of the scheme early Tuesday announced the freezing of the subscribers’ monies for one month.
- Members of the Ponzi scheme who were due to withdraw both their capital and 30 per cent return on investment, will have to wait until sometime in January 2017.
ABUJA
Millions of Nigerians risk losing huge amounts of money they put in the Mavrodi Mundial Moneybox (MMM) scheme.
The Ponzi scheme is suspected to have crashed.
Barely 24 hours after its founder Sergey Mavrodi, wrote to the Nigeria government, criticising the latter’s constant attacks on the scheme, MMM deferred meeting its obligation to its clients.
The administrators of the scheme early Tuesday announced the freezing of the subscribers’ monies for one month.
Consequently, members of the Ponzi scheme who were due to withdraw both their capital and 30 per cent return on investment, will have to wait until sometime in January 2017.
EXPERIENCING HEAVY WORKLOAD
A statement posted on the MMM website said: “As usual, in the New Year season, the System is experiencing heavy workload.
“Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.
“Hence, on the basis of the above mentioned, from now on, all confirmed Mavro will be frozen for a month.”
Mavro is the general name used to describe participants’ money in the system. The statement added: “The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.’’)
