Why you should not rely on African MMM

By: Chidiebere

It is regrettable that Africans dive into business or anything claimed to be yielding money without proper research or investigation.
MMM promises 30% return on your investment within or before 30days you put your money i.e  if you donate 10,000 you get 13,000 after 30 days.
The question that baffled many is how MMM get the 30% of the money they pay on investment, since MMM does not do any business with the money it collects from its members.
This is how MMM get the 30% return it pays on every investment?
MMM gets this money from new members that donated money. This is to attract more investors, and to lure current investors into putting in additional money.
What is MMM?
MMM is social financial donation exchange network.  Mmm has no central pocket were money is been deposited.. Transactions are done peer to peer
How does MMM Work
You know about the popular word 'Contribution' where people contribute money to one person and there's a book where everyone's name is written. When it gets to your turn; everybody's money is given to you....
In MMM, members make pledges to donate their SPARE money to other members who need the money. They do so by logging into our MMM account (Personal office) to make the pledge. Members transfer money directly to each other.
Now, if a member in the community who has already made a pledge to provide financial help to another member and has fulfilled his pledge now needs help, he does that by logging into his MMM account (Personal Office) to say so.
The system connects him with the person in the queue for providing help. If it's your turn on the queue to provide help; when you log into your Personal Office, you will receive the details of the person to provide financial help to.
As soon as you pay the money directly into the person's bank account whom needs that financial help and that person acknowledges he has received the money, you are now qualified to receive help.
You then log into your personal office to ask for financial help. Someone/people in the queue who's turn it is to provide help will be assigned to pay you 30% of the donation you provided + the donation money itself.

Last month it was confirmed that thousands of people, among them civil servants and vendors, have lost thousands of dollars to fraudulent online pyramid scheme MMM Global Zimbabwe after it collapsed recently. The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services leaving participants stranded.
Ever since the crash report of MMM Zimbabwe, many media watchers have been in anticipation of an imminent crash of MMM Nigeria; but that is yet to happen as at the time of filling this report which gives prospective investors time to think twice about the scheme before parting ways with their money.
However, MMM Nigeria’s crash is imminent as predicted by SEC and CBN, it is now the right time to flee from the ponzi scheme before it is too late.

Sergei Movradi  (Extract from wikipedia)
Sergey Panteleevich Mavrodi   is a Russian and was once alleged of financial crime. He is a former Deputy of the State Duma . He is the founder of the МММ series of Pyramid schemes. In 2007 Sergei  Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million Rubles ($4.3 million)
In 1989 he founded MMM
He was then elected to the State Duma, thereby obtaining Parliamentary immunity.  Mavrodi declared MMM bankrupt on December 22, 1997, then disappeared, and was on the run until his Arrest in 2003.

He who is ready to part with MMM should only do so with auxiliary money as it is not a business and should not be relied on. It can fail at anytime, and when it fail, your money is gone.

No comments:

Post a Comment