MMM is a Scam, I Have Lost N189,000 - Nigerian Man Weeps on Social Media

An unnamed Nigerian man has lamented on the loss of his funds amounting to N189,000 which he invested in the popular Ponzi scheme - MMM.

 

The Central Bank of Nigeria, CBN recently issued a warning on online investment scheme tagged: ‘MMM Federal Republic of Nigeria'.

 

It warned Nigerians against investing in the 'Wonder Bank' which lures the general public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.

 

The warnings of the apex bank and other financial bodies have fallen on deaf ears and majority of the masses stricken by economic recession have found solace in the Ponzi Scheme despite fears of its imminent failure.

An unnamed Nigerian who is shy about the disclosure of his identity has accused MMM Global of scamming him of his funds amounting to N189,000 which is part of the proceeds he has gathered from the financial engagement over months.

"It started on the 19th June 2016, My Friend introduced me to this MMM of a thing. I obliged and joined. It was paying well, there was no comma or full stop, not all".

"Till I opened an account for my cousin who shared the same surname. Fast forward, MMM administrator placed my account on temporary moratorium of getting help as they provide and get help in the system on 13th September 2016 and told me to verify identity of which I did" the victim continued.

"After that, I kept on contacting MMM Support of which they assured me they will remove their God forsaken temporary moratorium which they have used to scam thousands of participants (not only me) as I found out they do it secretly and MMM fortifies its system with this.That also account in a way how they pay 30‰ to their teeming community of 30% earners (Guiders,referrals and ordinary participants).

 

"Only for my account to be blocked by the administrator earlier today that I used two accounts that the registration and referral bonuses have been deleted while my #90,000 I paid since when I started MMM which yielded 189,000 naira parted with the blocked account," He painfully concluded.

 

Screenshots from the victim's financial transactions

 

Meanwhile, a personal research by Tori News revealed MMM is still operational and the user who shared the screenshots was suspected to have abused the community standards which attracts a penalty of forfeiture of financial investments.

 

MMM Global still remains a risk as the scheme could fold up unexpectedly according to financial analysts who have traced its history of woes in several countries namely Russia, South Africa, Zimbabwe and others.

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Sad! Girl Dies Of Heart Attack Days After Scammers Stole University Fees Given By Her Struggling Family

A teenager died of a heart attack two days after the cash her relatives had saved for her to go to university was stolen by a crook.

Xu Yuyu, 18, was all set to be the first person in her family to go to college next month.

Her proud relatives, from Linyi City, in East China’s Shandong Province, had spent a year scraping together the £1,128 she needed for her tuition fees .

Excited and proud at the prospect of going away to study, she wasn't suspicious when a phone scammer called her up. She was asked to transfer the money for her fees to a bank account by a person claiming to be from the education ministry.

This same person also told her she had been given a grant of £295

As a result Xu transferred all the money believing she was following the rules as laid down by the Ministry of Education.

The girl’s family said they had no reason to suspect fraud, and Xu quickly ran to her local Agricultural Bank of China branch to wire the money over.

But when they eventually found out that no such grant was forthcoming and that Xu’s entire tuition for her studies at Nanjing University of Posts and Telecommunications had been swindled from them, the girl fell unconscious and was rushed to hospital.

According to reports, Xu later died of the heart attack in spite of two days’ of treatment in hospital.

Linyi authorities are reportedly on the case, but reports suggested it may be incredibly difficult to trace the source of the scam.

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Arms Procurement Scam Extended Boko Haram’s Reign – Buhari

President Muhammadu Buhari on Tuesday maintained that the embezzlement of funds meant for equipping the armed forces under ex-President Goodluck Jonathan strengthened the Boko Haram and extended its activities in the Northeast.

Buhari, who was represented by Vice President Yemi Osinbajo, made the remark at the lunch of the Reviewed National Counter Terrorism Strategy (NACTEST) in Abuja. The embezzlement, he said, led to the death of thousands of Nigerians and destruction of properties.

The President described the action of those who embezzled the funds as wicked and disgraceful.
He said: “Sadly because of the disgraceful deed and the wickedness of some in governance and some in high office in the armed forces at the time, funds meant to equip soldiers to continue the fight against terror was embezzled. The incredible selfishness caused the nation of thousands of lives, extended the reign of terror and strengthened the enemy.

“In the past few years our nation faced the threat of terrorism characterized by mindless killing of our people including children.The massacre of the Buni Yadi boys in their hostels at night, the bombing of churches, mosques and market places, the kidnap of the Chibok girls and many others.
“The sheer recklessness of the killings, the shootings and the executions were meant to terrorize and produce maximum fear. To further establish their reign of terror, the insurgents hoisted their terror flags in almost 27 local government areas in the northeast.”

‎President Buhari said his administration since inception has emboldened the morale of the armed forces and ensure absolute defeat of the terrorists.
He, however, noted that the visages of the activities and the warped ideologies of the sect still linger.

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