Mavrodi’s death: MMM announces final shutdown

Mavrodi

The management of the global Ponzi scheme, Mavrodi Mundial Moneybox, MMM, has announced a final shut down of operations. The Ponzi scheme in a statement on its official global website, weekend, said they were shutting down due to the death of the founder, Sergey Mavrodi, an ex-convict who died of heart attack on March 26.

The scheme, which collapsed over a year ago in many countries, including Nigeria, has been a subject of controversy globally. Mavrodi launched his controversial scheme in 2011 and crashed in Nigeria in December 2016; with millions of naira belonging to Nigerians trapped in the scheme. Although the scheme announced a comeback in 2017, it could not launch operation before the renewed enthusiasm among its members fizzled out. On Friday, the scheme said continuous operation without Mr. Mavrodi made no sense. “Dear participants, after much deliberation, we have made the conclusion that continuing the system operation, without our leader and ideological inspire, is impossible and makes no sense,” the statement read in part. “We all carried out the tasks he assigned to us, since we had no doubt in his genius and rightness of the path he had chosen. We are firmly aware of the fact that none of us has a full view of his conception’s profoundness and sequence of all the actions to achieve a final goal, declared in the ‘MMM’s Ideology.’ “Sergey Mavrodi’s broadmindedness scale is unprecedented. Therefore, any attempts to continue the system operation without him are bound to fail.

We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts,’’ the statement read. The scheme, which said members were aware of the risks involved initially, therefore, announced final closure. It read further:  “In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure. “We also remind (as a matter of form) that all initially were fully aware of the risks and read the warning and confirmed that by checking the relevant box when registering. Hoping for your understanding, Administration.” Before its final collapse in Nigeria, many Nigerians participated in the scheme and associated with it publicly, especially on social media. This was despite repeated warnings by the Central Bank of Nigeria, CBN, and other regulatory agencies about the likely consequences of such pyramid scheme once it collapses. Last month, the death of Mavrodi was trailed by curses and several other hilarious comments by Nigerians who claimed they lost huge amount of money to the scheme. Following Friday’s announcement, it is unclear whether the new development would affect the operation of the scheme’s websites across the world as the global website was still in operation Saturday afternoon, after the shut down last Friday. Similar checks yesterday morning showed that the Nigerian website of the scheme was still running.

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