ponzi scheme

The Dangote Group has raised alarm over a Ponzi scheme in circulation alleging partnership between the “Dangote brand, Nestle, PZ Cussons and other reputable food processing companies” in launching a multi-level marketing initiative that intends to “fight hunger, poverty and stop recession” by...

Two middle-aged persons, Debora Fojo and Musa Garba on Friday appeared before a Malumfashi Chief Magistrates’ Court in Katsina State for breach of trust and cheating. The two were accused of collecting N429, 000 to invest in an online business called MMM. Fojo and Garba are residents of...

The Management of Osun State university is set to expel over 4,000 students for allegedly investing their school in the ponzi scheme, MMM. The authority said students who fail to meet the deadline and did not want rustication should apply in writing to the authorities to grant leave of absence...

One Mir Sahiruddin, the Managing Director of a ‘fraudulent’ Indian Ponzi scheme, Green Ray International Limited, GRIL, has been arrested in Nigeria after he absconded from his country. Sahiruddin, a resident of Jaleswar area in Balasore district of Odisha, who has reportedly been hiding in...

The hope mavrodians have of retrieving their ‘investments’ and ‘profits’ from the Mavrodi Mondial Moneybox (MMM) Ponzi scheme continues to dim by the day, as Nigeria’s top guider, Chuddy Ugorji, has reportedly fled the country. It was gathered that Ugorji, left Nigeria with his wife to the...

The Securities and Exchange Commission issued fresh warning to Nigerians against patronising the ponzi scheme, MMM Nigeria. The scheme, which was suspended by its operators in December last year, had commenced operations on Friday. MMM had directed its members to provide ‘help and get help,’...

Youths all around the Kogi state capital city of Lokoja on Saturday were at several beer parlours to celebrate the return of the controversial Mavrodi Mondial Movement (MMM), a Ponzi scheme that froze the accounts of 3 million Nigerian members in December, causing panic and anxiety. The scam...

As Nigeria’s Ponzi scheme, MMM Nigeria returned, some subscribers have been pouring out their mind with reservations for the scheme. Some said they are yet to get help and some still waiting to get account unfreeze. Although, upon resumption, the scheme says its members will now be able to pay...

MMM Nigeria has said it is introducing Bitcoin, the 2016 world’s best performing currency, as a means of payment ahead of its January 14 2016 relaunch of the Ponzi scheme system. The world's most high-profile digital currency, Bitcoin, hit a three-year high this week, rising above US$1,000 on...

Ahead of next week restart of the Ponzi scheme Mavordi Mondial Movement (MMM) on 13 January, promoters have issued instructions to its participants whose accounts were frozen, to perform “Promo Tasks: A New Tool for MMM Community Development.” MMM in a message posted on social media to its...

Pastor Mathew Ashimolowo of the Kingsway International Christian Centre has lost $4.8 million to a Ponzi scheme after trustees carelessly invested money in it, according to The Christian Post, a United Kingdom based website. The scam was the brainchild of former Premier League soccer player...

The young intending groom, Adakole, who drank insecticide over the crash of ponzi scheme, MMM, has opened up on his ordeal. Adakole, a native of Ai Okpe in Okpokwu LGA of Benue State whose wedding is slated for December 28 had invested N300 thousand into the scheme last month and was expecting...

Nigerian students who are currently caught in the web of MMM cash freeze has let out their frustrations on the scheme. Below are some interviews conducted by Punch: The amount I invested in the MMM scheme was N100,000. I was expecting my 30 per cent profit when I got the news that our...

Ultimate Cycler, one of Nigeria's ponzi scheme which recently went offline is back. Peter Wolfing, the UC founder, on Saturday, December 17, took to his Facebook account to announce to users that the site transfer had been completed. He advised people not to be alarmed as his team has been...

Barely three days after the alleged crashed of the Mavrodi Mundial Moneybox popularly known as MMM, another Ponzi scheme has surfaced in Nigeria. Members of the famous money-doubling scheme, MMM were thrown into panic and great confusion on Tuesday, following the message from the ponzi scheme...

The operators of Mavrodi Mondial Moneybox, MMM, a ponzi scheme, are battling to console millions of panic-gripped Nigerians. About three million Nigerians are believed to have invested in the scheme. MMM on Tuesday, frozen by one month, payments of both capital and 30 per cent interest...

The Central Bank of Nigeria, CBN has again asked Nigerians to dismiss reports that it has approved the operation of Russian ponzi scheme, The Mavrodi Mondial Movement, otherwise known as MMM. The movement is a scheme that assures up to 30% interest of money invested. A new report has claimed...

A Ponzi scheme by definition is a version of a fraud that rewards early investors with massive returns from the cash invested by newer investors. Ponzi schemes typically do not have an underlying asset or enterprise upon which the investment is built; rather cash payout is sustained from the...