MMM was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. According to different estimates, from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.In Nigeria today many people have taken different and dangerous measures to secure fund to invest in this scam called MMM.
MMM is actually a scam because it has no product, while a real business must have a product to offer to their buyers. There must be an exchange of value between the both sides but MMM doesn’t have that; rather it pays you a commission to refer people to their site. Where does it get the money to pay this commission? For how long can this be sustained? It is vital to note that 50 investors in MMM committed suicide in 1994 after it crashed.
Today, Nigerians have also plunged into investing into this scam business using every possible means. Due to the means, some people employ in starting this business; the repercussion of this business which will soon crash will cause them a great deal.There are people who actually resigned their job because they felt MMM is actually paying them well and it’s a better and easier way of amassing wealth.Many students have used their school fees in investing into this scam business just to gain a lot of profit which they initially didn’t work for and have no idea from whom it is coming from.
There are also Nigerians who have invested all their life savings expecting to have huge returns. Some have also sold their properties to start this unfortunate business. What do you think will be the fate of these set of people if this scam crashes? Who will they hold responsible? Who will they arrest or dream to run after? These set of people will be psychologically and mentally disturbed if such thing happens which will lead to suicides; just as it was during the 1990s.