Monday, 19 December 2016

More than 3.4 million Nigerians become victims of moneybox fraud

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The Mavrodi Mondial Moneybox(MMM) has frozen its account in Nigeria panicking investors whether they will get their money back.

 Despite wide media coverage and repeated advice from the government to shun the get-rich quick scheme, it attracted more than 3.4 million subscribers  mainly the predominantly, poor people of South East Nigeria who are now victims of the fraudlent scheme.

 According to 'The Times' the founder of MMM, Sergei Mavrodi, has been peddling similar schemes since the mid 1990s and was jailed in Russia for fraud. A South African version collapsed and he has attempted to set up schemes in several Asian countries.

Promising 30% returns monthly, many Nigerians embraced the scheme despite repeated warnings from the authorities. However, Mr Sergei Mavrodi has assured his victims that the accounts would re-open next month.

Sergei Mavrodi has written an open letter to the Nigeria media accusing them of causing "unnecessary panic and tension' among the participants of the scheme. He described media reports about the scheme as "provocative and worthless"

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