How Mavrodi (MMM founder) Was Arrested for Fraud
We are all familiar with MMM in Nigeria and they’ve been making money while enriching the pockets of their customers and participants.
But here’s one thing you don’t know about MMM. The owner, Mavrodi has once been arrested for Fraud.
Yeah, you read that right . But let me take you on a walk of history on MMM
According to Wikipedia
“МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.
MMM was established in 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders’ surnames.”
But we are not just here to talk about MMM history are we? Let’s take a look at the fraud allegations and how it went down and of course , it’s backed by a good source – Wikipedia
“On July 22, 1994, the police closed the offices of MMM for tax evasion. For a few days the company attempted to continue the scheme, but soon ceased operations. At that point, Invest-Consulting, one of the company’s subsidiaries, owed more than 50 billion rubles in taxes (USD 26 million), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from USD 50 million to USD 1.5 billion). In the aftermath at least 50 investors, having lost all of their money, committed suicide.”
MMM declared bankruptcy on September 22, 1997.
However there’s been a new renaissance of the program in some countries chiefly in South Africa and Nigeria but many are not aware that the Mavrodi, the founder of the Ponzi Scheme has once been arrested for fraud.
In 2015, MMM lauched it’s ponzi scheme South Africa but however some reports have claimed that many Mavrodians are already loosing a huge chunk of their earnings.
In 2016,MMM launched a website in Nigeria and after this, many Nigerians have registered for the program mainly because of the large returns of invest it promised.
It must however be noted that the company has delivered on it’s promise and many Nigerians are raking in money on monthly basis.
How long MMM will survive is a question anyone cannot answer but definitely, it will.
Are you an MMM member? Advertise here in the comment and drop your testimony.