Mavrodi Moneybox Mundial (MMM), a Ponzi scheme known for money-doubling, has called on its participants whose accounts were frozen to commence mass publicity for the scheme ahead of its January 14 resumption.
Ahead of the restart of MMM on 14 January, promoters have issued instructions to its participants to embark on “Promo Tasks: A New Tool for MMM Community Development.”
MMM, which has over 3 million Nigerians in its books, placed a one-month ban on all withdrawals on December 13, 2016.
The development, which occurred a day after the Founder, Sergey Mavrodi, said MMM had done a lot to improve the welfare of Nigerians, sparked fears among many Nigerians that the Ponzi scheme had crashed.
A letter displayed on the page of the scheme cited “heavy workload on system” as the reason for the suspension.
With the ban on the accounts, members of the scheme who were due to withdraw both their capital and 30 per cent return on investment were told they would not be able to do so until January 13.
MMM in a message to subscribers said the tasks, which should be done both online and offline, is expected to promote the scheme and drive “traffic and participation” by the time the handlers lift the freeze on January 13, 2017.
“Being an MMM member implies not only opportunities, but also a responsibility for the state and development of the MMM Community”, the message read.
MMM was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s.
By different estimates from five to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.
The scheme was banned in some African countries but has spread to Ghana and Kenya.