Investors panic as MMM freezes accounts

Ebun Francis

For many Nigerians who defied advise from federal government and the Central Bank of Nigeria to invest in the Mavrodi Mondial Movement, known simply as MMM, this may not be the best of times as the ponzi investment scheme  has frozen accounts of participants, sparking fears that the Ponzi scheme has crashed.

The statement suspending the scheme for one month was displayed on MMM website Tuesday morning, even though it insisted that the scheme had not crashed but that the accounts were being frozen for only one month to avoid the challenges of the Xmas and New Year season.

Only yesterday, the ponzi scheme published a letter on its website signed by the chief promoter stating the Nigerians stand to loose if the scheme for any reason crashes. The motivation for the publication of such letter was yet to be established.

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The federal government declared the scheme illegal early in the year and both the Central Bank of Nigerai and National Assembly had advised Nigerians against investing in it.