There were signals of panic and restlessness among participants of the popular yet controversial money-doubling ponzi scheme, MMM, on Tuesday morning following news that the wonder bank has been shut down.
According to reports, the MMM Nigeria has been shut down for a month due to what the operators termed, “heavy workload”.
— MMM Nigeria Support (@MMMNigeriaHelp) December 13, 2016
The news is coming barely a day after the founder, Sergey Mavrodi, was quoted to have written an open letter to the Federal Government of Nigeria to justify the importance of the scheme.
The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) had previously warned Nigerians against participating in the scheme, while the house of representatives also ordered an investigation into the operation of the scheme, in October.