Promoters and participants of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria, are currently in panic as the ponzi scheme has been frozen.
All confirmed accounts, as at early hours of Monday, were frozen.
Mavro is the conventional unit for measurement of help provided to other participants in MMM.
With all confirmed Mavros frozen, all users who have provided help and awaiting to get help in few days can’t do so until the ban is off.
The MMM is a deposit money scheme that market analysts said remained highly suspicious. The scheme draws from investments of later investors to pay off earlier ones.
Despite repeated warnings by the government for Nigerians to desist from investing their money, the subscriber base of the scheme has continued to boom.
A circular sent out to all users yesterday said all money has been frozen for a month.
The circular urged all participants to be calm, saying it was to help prevent any problems during the New Year season.
The circular read: “Dear members!
“As usual, in the New Year season the System is experiencing heavy workload.
“Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.
“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. It is better to avoid taking risk. (Moreover, there are almost three weeks left to the New Year.)
“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.
“The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do).
“We hope for your understanding!