Panic Among Participants As MMM Nigeria Freezes All Accounts

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FG Set To Shut Down MMM, Other Wonder Banks From Operations In Nigeria

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.

READ ALSO: Ultimate Cycler: Panic Grips Nigerians In MMM As Another Ponzi Scheme Website Crashes

According to reports, the MMM Nigeria has been shut down for a month due to what the operators termed, “heavy workload”.

READ ALSO: ‘MMM Is A Fraud, Don’t Patronize It’ – CBN Warns Nigerians

Panic Among Participants As Operations Of MMM Nigeria Get FrozenIn the message sent by the admin to the dashboard of Mavros, the measure was taken so as to avoid difficulties in the New Year.

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.

READ ALSO: Access Bank Warns Its Customers Against Patronising MMM

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.



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