The controversial Mavrodi Mondial Movement (MMM) has frozen the account of all participants in Nigeria from December 12 to January 12, throwing many into panic.
Operators of the Ponzi scheme said in a message sent to all subscribers that the measure was put in place because “in the New Year season the System is experiencing heavy workload.”
MMM, however, says there is no need for its customers to panic, saying the scheme cannot crash.
Dear Mavrodians, keep calm. MMM Nigeria has not and will not crash. This is a step in the right direction. Continue to PH as usual. #MMMPays pic.twitter.com/qh1FlxT1F8
— MMM Nigeria Support (@MMMNigeriaHelp) December 13, 2016
It comes a few days after founder of the controversial scheme, Sergey Mavrodi, wrote a letter to President Muhammadu Buhari, warning that millions of Nigerians will suffer, because “the scheme is their only means of livelihood”.
The Nigerian government, media and financial experts have repeatedly warned against investing in the scheme which promises to pay 30% interest on funds invested.
Described as a Russian criminal, Mavrodi was in 2007 found guilty of defrauding 10,000 investors out of 110 million rubles ($4.3 million).
