Millions of investors in Nigeria are panicking that they have lost their money after the Mavrodi Mundial Moneybox (MMM) scheme froze all existing Movros till January 2017.
The ponzi scheme had run into problems in some European and Asian countries where it was declared fraudulent.
South Africa, Zimbabwe and some East African states have had similar experience of the scheme freezing all Movros when the number of people in need of help outnumbered the number of people joining the system.
Initiated in Russia,the Russian police shut down MMM on July 22, 1994. It was also banned in January 2016 in China by the Chinese government which declared it a fraud scheme.
Below are the lists of countries where MMM currently operates.
- East Africa
- Hong Kong
- South Africa