In the early hours of Tuesday, participants of the MMM Ponzi scheme woke up to the shock of their lives; a one month “Freezing’’ on all accounts making it impossible for the participants who are due to withdraw both their capital and their 30% return on investment not to be able to do so until sometime in January 2017.
According to a letter displayed on the page of participants of the highly controversial scheme, its founder, Sergey Marvodi explained that the reason for the measure was to ensure the sustainability of the scheme in the New Year and make it better.
The account-freezing according to the MMM founder is to improve the system and also shield it from Federal Government and the media attack, he however urged participants to be calm as the measure is to make the platform stronger and better.
Nigerians having defied all warnings from the Federal Government, Securities and Exchange Commission (SEC) as well as Central Bank of Nigeria (CBN) who go ahead to invest in the infamous MMM Ponzi scheme will definitely have themselves to blame as it is allegedly a pyramid or Ponzi scheme which is sure to come to a painful end for a good majority of participants of the scheme.
A similar scenario also played out in Zimbabwe and South Africa earlier in 2016, where participant’s monies were frozen for a certain period of time, putting the system on hold, only for it to resurface with new adjustment in its terms which caused the scheme to crash.
Posted by Juliet Ekwebelam
