THELOGICALINDIAN - A new adaptation of decadesold Russian ponzi arrangement MMM Global is actualization in Kenya It promises investors 100 allotment and alteration the apple afterwards investing
Also read: Chinese Gov’t Warns Against ‘Transparent’ Ponzi Scheme MMM Global
Serial Fraudster Mavrodi Targets Kenya
MMM, which stands for Mavrodi Mondial Moneybox, originated in Russia in the mid 1990s. Its founder, Sergey Mavrodi, was bedevilled of ambidexterity Russian MMM investors of $4.3 actor in 2003. However he has back resurfaced afterwards confined his four-and-a-half year careful sentence.
“We can do a lot together,” reads the broker amendment on MMM Kenya’s Facebook page, which proclaims allotment of 40% per month.
Mavrodi had already set up operations in added African nations including Nigeria and South Africa, area MMM is beneath bent investigation.
“These bodies consistently appear with actual absorbing propositions,” Central Bank of Nigeria adumbrative Isaac Okoroafor told UK bi-weekly The Independent in September. “These are fraudsters who are aloof out there to aggregate people’s money and run abroad as anon as they hit their target.”
MMM Global: Remind You of Something?
The action is reminiscient of added acclaimed ponzi schemes such as OneCoin’s global offensive. MMM works by agreeable investors to assurance up, agreement banknote and accept 100% allotment after on.
MMM focuses on “charity” — as Mavrodi puts it. “In MMM there are no lenders and no debtors. Everything is simple: One actor asks for advice and addition one helps.”
Payouts, if they exist, appear through an baffling admixture of Bitcoin and alleged “mavrodis”. However it’s cryptic how anyone can accurately barter mavrodi tokens for absolute money.
Naturally, the pyramid-style arrangement has already ‘collapsed’ in abounding markets. This is due to the anticipated bearings area added associates crave “help” than those active up by MMM’s alleged “guiders” and alliance cash.
It is account acquainted that a antecedent apotheosis of MMM, Republic of Bitcoin, shut bottomward beforehand this year. Nonetheless, its folio on Russian amusing media armpit VKontakte continues to be consistently adapted and describes the arrangement as a “school of management.”
More Warnings for OneCoin Too
OneCoin meanwhile continues its rampage, admitting adjoin Bitcoin rather than application it for counterfeit purposes. October saw the token’s “supply” bifold to 2 billion. OneCoin declared the accident in a press release as authoritative “the better cryptocurrency in agreement of cardinal of users and bazaar capitalization.”
However, this bazaar assets charcoal absent from any listings or absolute resources.
Further countries accept issued warnings on the scheme, best afresh the UK, which abutting Belgium in advertence OneCoin poses “risks” to consumers. The Bitcoin association has additionally come out in opposition.
What do you anticipate about MMM Global? What is an adapted acknowledgment to bad actors application Bitcoin to counterfeit ends? Let us apperceive your thoughts in the comments area below!
Images via Shutterstock, MMM
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