A Nigerian couple has put the internet on frenzy after branding their wedding cake with MMM logo.
According to reports, the duo who look like a Yoruba couple, were said to have gotten the money used for their wedding from the popular social financial network scheme. In a bid to appreciate the scheme and let the doubting Thomas know that the scheme works, the couple proudly tagged ‘MMM’ on one of their wedding cakes.
For those who do not know what MMM means, MMM stands for Mavrodi Mondial Moneybox and takes its name from its founder, Sergei Panteleevich Mavrodi of Russia. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003. READ ALSO: The shocking dark past of MMM and its founder in other countries While some people who were skeptical about the scheme started with small amounts, it is believed some poured in thousands of dollars anticipating higher returns.
The RBZ said the schemes were fraudulent as existing investors were ‘paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors.” Currently, the scheme is in Nigeria and it is called MMM – Federal Republic of Nigeria. Lots of Nigerians are on the scheme and the scheme actually works (just like how it was working well at first in Zimbabwe before it crashed).
MMM Nigeria, is a Ponzi scheme that originated in Russia that has now set up in Nigeria. Wikipedia says the company was involved in one of the biggest Ponzi schemes in the 1990s. It was estimated that thousands of people lost up to $10 billion dollars. Well, a lot of people think the scheme is legit and not a scam but the history of the company says the opposite. Only time will tell.