More troubles for MMM investors as initiator flees Nigeria

mmm

МММ was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s.

There are reports that the initiator of the Nigerian faction of the Mavrodi Mondial Moneybox (MMM) ponzi scheme, Chuddy Ugorji, has fled the country with his wife, Amaka.

Urgoji and his wife, Amaka, have reportedly fled to the Philippines.

His flight to the Phillipines is coming at a time when over three million Nigerian investors of the scheme were having doubts about recovering their huge investments in the scheme.

Ugorji’s relocation happened after he released new conditions for the payment of investors.

He had given the impression that the Ponzi scheme had started paying outstanding mavro (money) to Mavrodians, the participants of the scheme.

The new guidelines on the website of the scheme included limiting withdrawal to N31,000.

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“As a necessary measure, we decided to set limit to withdrawal this week thus the N31000 maximum withdrawal on your PO,” read a statement on the website of MMM.

“We are still committed to paying smaller amounts first and gradually increase the amount to higher ones. The system does the calculations and knows how to calculate everyone’s mavros.

“Between Friday that we opened and today, hundreds of thousands of GH (get help) orders have been matched. More and more GH orders will be matched as time goes on. If you see error notification when trying to GH, just keep trying.

“PH (provide help) to GH is still a suggestion to be tabled before Sergey Mavrodi for consideration. Disregard any info suggesting that you must PH to GH till further announcement in your PO.

“Freezing of bonuses for now is another suggestion to be tabled before Sergey Mavrodi for his consideration. Which means if approved, you will only be able to GH your personal contributions for now until the system recovers and stabilises.”

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