Mavrodi Mondial Moneybox (MMM) recently froze active accounts, robbing Nigerian participants of a Merry Christmas and a Happy New Year.
Days after the freeze, which the ponzi operators say would be undone in January 2017, MMM is hyping its ‘trade’ in another African country, reports say.
MMM Kenya ‘guiders’, on Thursday, October 20, reportedly met at Summerlink Hotel in Mombasa, perfecting their Kenyan invasion.
The scheme has been around in Kenya for at least a year but efforts are now underway to spread it there like Nigerian harmattan.
Reports say MMM ‘evangelists’ now go door to door luring unsuspecting Kenyans with 30 to 100 per cent returns to “help givers”.
In December, the Central Bank of Kenya (CBK) warned the public, but without referring to MMM, that ‘virtual currencies such as bitcoins are not legal tender in Kenya and, therefore, no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business.’
‘Transactions in virtual currencies such as bitcoins are largely untraceable and anonymous, making them susceptible to abuse by criminals in money laundering and financing of terrorism,’ CBK warned.
But Kenyans, who have had their fair share of failed ponzi schemes, are reportedly gulping Mavrodi’s poisonous beverage. Experts say ponzis inevitably fail.
Mavrodi, 61, started his scheme in Russia where after its 1997 crash, 50 people reportedly committed suicide.
The ponzi lord was jailed four and a half years after unsuspecting ‘investors’ lost millions of dollars. But he simply refused to go away.
Just like recently in Nigeria, the scheme was in May 2016 ‘frozen’ in South Africa. It is yet to bounce back, and is being investigating by SA authorities for criminality.
MMM Zimbabwe has also gone to the gutters after “investment values” were slashed by 80%. A Nigerian man reportedly attempted suicide after the reported freeze which some say is as bad as a crash. The scheme is also present in Uganda.
Our thoughts and prayers are with the gullible people of Kenya.
This post first appeared on Newsroom.
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