There is a new pyramid marketing scheme in town and it is apparently spreading like wildfire because almost anywhere you go (offline and online) you hear it being discussed.
What exactly is MMM Global?
MMM is originally a Russian company that was responsible for one of the world’s largest Ponzi schemes in the 1990s. It was founded by Russian politician 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.
It is estimated that up to 4 million people (higher in some accounts) lost their money to the scheme. While it is believed the company first started as an importer of computers and office equipment it was later faced with financial difficulties and make a switch to financial services creating its first Ponzi scheme in 1994.
The company started attracting money from private investors, promising annual returns of up to one thousand percent.
This post is however concerned about unearthing little details you need to know about MMM Global – the offshoot of the original MMM now making inroads in Nigeria and African countries like South Africa and Zimbabwe (where it is believed to be already failing).
7 Things You May not Have Known About MMM Global
1. It Claims to be a Community of People Helping People
On its website the MMM Global claims to be a community of people helping each other financially by rendering help and in turn gaining anywhere from 30 to 100 percent on their initial investment (help) by requesting help from other people.
It says they are a global fund of mutual aid.
We think that’s a cosmetic way of making bullshit sound sexy! MMM Global is still a Pyramid scheme or Multilevel marketing scheme. There is no core product or service rendered on the basis of which the promise of return on your investment is made. So basically they rely on getting more people into the program then paying earlier investors with the money realised from newer investors.
2. MMM Global ‘automated’ Get Help and ‘Provide Help’ model leaves a lot of loopholes for Manipulation
For instance the website does what it calls ‘matching’ individuals to others who they can provide help to or accept help from. The problem is the innocent members or users of MMM Global do not know how many of the persons getting help are actually agents of MMM posing as normal users like them.
In fact there are indications that the aim of MMM Global is to get the program so popular that tens of thousands of people will provide help in various sums of money. Then apparently a lot of the people receiving money from the ‘matching’ in the system will be MMM agents. Just like most schemes like this users can suddenly wake up to realise much of the help they rendered will not be reciprocated.
3. MMM started with three founders Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova.
4. MMM Started Operating in South Africa in 2015 Promising Members High % Return on Investment
One year later however the program is dead in South Africa and announced they could no longer pay the 30% return on investment. The South African government freezed the account of an investor in MMM Global were frozen for violating the Consumers’ Protection Act.
5. MMM Crashed in Zimbabwe in 2016
Thousands of members of MMM in Zimbabwe wear left in tears when the program crashed in the South African country leaving the money invested by lots of people trapped.
6. MMM Stands Originally for Mavrodi Mondial Moneybox
7. MMM Landed in Nigeria in January 2016 and has Grown in Popularity
Source – Naira Brains