Monday 19 December 2016

MMM-Nigeria: Unmasking The Well Perfected Scam

As controversy continues to trail the now popular MMM, Utedjor Efetobor has written a piece suggesting means by which law enforcement agencies can unravel the brains behind the ponzi scheme in Nigeria and holding them accountable.

The fact that MMM-Nigeria was a well perfected scam cannot be over emphasized, but to its gullible, myopic and greedy members whose monies are still trapped in it and are yet hopeful of getting it back, reverse is the case while to those with discerning mind, the obvious is the case.

For those of you who were greedy and stupid enough to have fallen prey to perhaps one of the greatest Ponzi scheme scam in the history of Nigeria, please accept my heart felt condolence because I also  almost fell for it late last year  when one of my Facebook friends marketed it to me. But it was after an afterthought that I decided to conduct an exhaustive research in the internet on its origin and mondus operandi, the result was what made me to refrain from investing init.

The result of my search on MMM Ponzi scheme reveals  that its  three Russian  founders, founded it based on criminal intents to knowingly  scam unsuspecting members of the public of  their hard earned monies by relying and preying on the greedy side of human nature.

I strongly believe that the founders of MMM-Russia had no hand in the launching and execution of MMM-Nigeria because MMM is not a global registered trade mark and as such anyone can make use of its name (though I may be wrong) but I believe rather that MMM-Nigeria was the brain child of some few smart criminal minded Nigerians who saw the MMM model asthe near perfect tool to coollyand wittingly scam Nigerians of billions of their hard earned monies and escape justice.

And did they successfully scammed millions of Nigerians? Of course they did and it is quite obvious that they are likely to escape justice because unlike the case of MMM-Russia whose founders identities were known to the Russian authorities, hence their subsequent persecution after the scheme failed, the identities of the founders of MMM- Nigeria is shrouded in mystery as a result of the intricate and ambiguous nature of the MMM model itself that does not require it being registered and regulated by designated government apparatus such as the CBN, NDIC and CAC before it can be operated, but with this article, I shall attempt to proffer clues (which is open to inputs from well-meaning Nigerians) of how their identities can be unraveled and possible persecution achieved by the relevant Nigerian Law Enforcement Agencies.

We all know that MMM-Nigeria is a member to member give help in order to received help with 30% accrued interested on initial sum of  help rendered after a period of one month and vice versa platform powered  strictly by  its website.

The begging question was…. since MMM members  only donates monies directly to each other banks accounts without passing through a third party, how then  could they have been scammed?

The fact that the MMM model is a website based platform is one ambiguous nature that makes it a near perfect tool for criminals to commit massive fraudsand get away, because monies donated as help or received as help by its members are done directly via members to members bank account numbers without it passing through the MMM model central system, thus its admin cannot be successfully persecuted in any court of law if it decided freeze or shutdown the website for any obvious reason in any guise of system technicalities.

MMM members could of course be scammed because it is the admin of its website that has the sole power and control to determine which member’s bank account number is to be send to a potential member willing to provide help.

This is where the catch is, the admin (who is likely among the few super/top guiders)along withthe others,are the smart criminal mind behind the scam MMM-Nigeria. The reason for this deduction is not far-fetched. The super/top guiders working in close collaborations with the admin of the MMM-Nigeria siteperfected the plans whereas it was duty of the super/top guiders to bait, enticed and ensnared their greedy victims with irresistible returns on their investment, it was that of the admin to finish them off once the target has been achieved.

Let me explain, the super/top guiders started out by convincing people to join the MMM platform to provide help and in return gave back help to them of their initial invested sum along with 30% promised interest at the end of one month, thus gradually  gaining the  trust and confidence of the gullible public. Mind you the 30% interest (bait) was from the personal pockets of the super/top guiders the initiator of the scheme.

Once public trust and confidence has been gained, it’s now the public that are now sourcing for members to join as there is also additional bonus to be gained from referrals. With its popularity amongst members of the public on the increase and the public’s greed at mid pitch, the system balances itself as a result of the large number of members willing to provide help and the super guiders no longer need not pay the 30% interests and other bonuses from their pockets.

The super guiders through the aid of the site’s admin surely knows when the public greed will surely hit high pitch, Now once the public greed has hit an all high level where millions of greedy  members are willing to invest their life saving, it’s then they kill it off.

This was what they did a month prior to killing it off. The admin will only be sending the banks accounts details of the few super/top guiders(who might not be more than 5 in numbers) to millions of members requesting to provide help  of  huge sums ranging from N100,000 to N50m and above and when these monies which amounted to billions of naira have been received successfully, they instruct the admin to pack up shop by freezing the website while concocting any flimsy excuse like system maintenance or upgrade as the reason,and  once this is done of course they will not be required to provide help back   to the millions of their members who had previously gave them help along with their expected 30% and other bonuses.

 This was how the scam was successfully perpetrated, crashing the system once there have rake in billions from their teeming members as members whose monies got trapped cannot hold any single individual or organization responsible for their loss.

The only way to unravel their identities for persecution, is for the federal government to through the CBN or EFCC to mandate MMM-Nigeria members who invested above N100, 000 before the website was frozen to provide the payment tellers with which they made payment to the members who the admin directed them to provide help to. A scrutiny of the tellers collated will definitely revealed a pattern which will help to unmask the details of the brains behind this unprecedented Ponzi scheme crime.

Unless they are willing to proof me wrong by resuming operations as promised by 13th Jan, 2017 and continue providing help to its members, consequences upon I may reconsider investing in it.

Written by Utedjor Efetobor
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