MMM Nigeria members stand to lose thousands of naira when their accounts will eventually be frozen and the mavros points computer system will be reset.
This will happen due to lack of new money entering the alleged pyramid scheme.
Anonymous leaders of the Nigeria wing of the alleged Russian pyramid scheme will immediately declear a reboot in the system.
Few months or years from now, the MMM would tell its members: “We have to declare a restart and start all over again. We have no choice.”
MMM members will begin to voice their concerns on social media, with many claiming he or she will lose millions if the system is reset.
MMM Nigeria will tell members that all mavros from before a particular date were frozen and will be called “old mavros” and that “any operations with them are impossible”.
In 1997 the MMM portal crashed [Read This], for a few days it attempted to continue the scheme, but soon ceased operations when it couldn’t pay members their 30% interest. At that point, Invest-Consulting in Russia, 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.
The founder of MMM, Sergei was arrested in Russia when he couldn’t pay investors or refund the moneys collected in form of mavros points.
Mavrodi left prison in May 2007.
When he left prison, Russian media reported it, saying, Mavrodi, the founder of MMM that defrauded more than a million Russians in the 1990s is out of prison and the ‘Scammer Scams Again’. [Read This].
Mavrodi left Russia and repeated the same pyramid scheme in other counties like Ukraine, South Africa, China and they all failed.
In South Africa, The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen. In response to mounting criticism and official investigations by state authorities in 2016, supporters of the South African MMM scheme staged a protest march in Johannesburg.
Now the same scheme is in Nigeria and all we can think of is how it crashed in other countries. The crash might not happen now in Nigeria but few months from now.