Has the Notorious Ponzi Scheme ‘MMM’ Returned? New Photo Shows Advocates Promising 36% Returns 

Mavrodi Mondial Moneybox (MMM) ‘s alleged comeback is raising eyebrows and concerns across Africa. MMM, a notorious Ponzi scheme that previously wreaked financial havoc across Africa, is reportedly making a comeback as MMM Krypto. 

This news has rekindled memories of the scheme’s devastating impact in South Africa, Zimbabwe, Nigeria, and some East African countries, where it promised returns on investment as high as 30 percent per month.

MMM carted away with billions across the continent

Recently, a flyer from a December 2, 2023, event in Durban, South Africa, surfaced, indicating the rebranded MMM Krypto’s presence. Its website portrays it as a “Worldwide Mutual Aid Fund, a Financial Social Network, or a World People’s Bank,” targeting an international audience. 

Despite its grand claims, MMM Krypto issues a clear warning on its website: “there are no guarantees and promises! Neither explicit nor implicit.”

The original MMM scheme led to substantial financial losses. In 2017, the Nigerian Deposit Insurance Corporation revealed that an estimated three million Nigerians lost N18 billion to MMM. One of the many victims, Ada Kole, reportedly committed suicide in Kubwa, a satellite town in the Federal Capital Territory (FCT), after investing N750,000 in MMM shortly before his wedding.

The death of the founder led to its closure in 2018

MMM’s initial operation was not just limited to Nigeria but was a global phenomenon. The scheme, after the death of its founder, Sergei Mavrodi, in March 2018, officially announced its closure, stating that continuing without Mavrodi was impossible and made no sense.

Despite this closure, the latest photos from the MMM Krypto event in South Africa have stirred online debates and concerns. Social media reactions vary, with some users expressing offense at the scheme’s attempt to associate with cryptocurrency. In contrast, others recall their past losses and warn potential new investors of the risks.

Amidst these developments, Nigerian social media users have been vocal in their criticism of MMM’s alleged return, recalling the scheme’s controversial past and the financial and emotional toll it took on investors. The scheme had initially emerged in 2011 but crashed in December 2016. Its attempt to return in 2017 was unsuccessful.

On social media platforms, particularly X (formerly Twitter), ‘MMM is back’ has become a trending topic. 

The rebranded scheme, MMMkrypto, claims to offer up to 36 percent referral bonus, among other benefits. Netizens, including authors and influencers, have debated the scheme, with many advising against investment and recalling personal losses in the previous iteration of MMM.

The Economic Financial Crimes Commission EFCC, spokesperson, Dele Oyewale, urged Nigerians to adhere to banking rules and avoid transactions hinting at criminality. However, attempts to get a statement from the Nigeria Police Force Public Relations Officer were unsuccessful at the time of this report.