MMM Cooperation Ponzi scheme resumes withdrawals under stricter rules

Binomo social media scam

After creating a few days of panic, MMM Cooperation, a Ponzi scheme that took over from MMM Global has now resumed withdrawals for its investors.

However, MMM Cooperation is not going to allow investors to withdraw what they wish or should get based on its rules.

The scheme which promised its investors up to 50% return on investment in 30 days has just come out with a new set of rules to reduce pressure on its system. Like a typical Ponzi scheme, old investors are paid bogus returns with funds deposited by new investors.

This time around, MMM Cooperation has just come up with a complicated rule to stop an imminent collapse caused by an influx in withdrawal request which would make withdrawals overshoot deposits.

In a message sent ( riddled with typographical and grammatical errors) to us by a Ponzi scheme analyst, MMMC sent the new rules to its members. It is reproduced below:

*WHAT YOU MUST NOTES*

*All PH ,GH and bonuses in the old rules are now converted to verification mavro (VM)

You cannot PH or GH vm

FOR you to participate and begin to get back your money from the old rules.You need new CASH(your spare money)

*SET the limit amount you want to ph

*START with little cash if you do not have enough and gradually increase it in the future whenever you have additional cash.

*ANY amount you start with you cannot be reduced ,you can only Increase it in your future phing whenever you have additional Cash.

*EXAMPLE:you can set a limit of N10,000 for a start,divide it into two which is N5,000 and N5,000

(a) FIRST PH N5,000 use your 10% vm(500) for instant confirmation.

(b)THEN you will pay the remaining nN4,500 to the participants you are matched with in mmmc structure later

(c) at release(withdrawal) date,before you can GH N7,500,you Must provide help of new N5,000 (the second N5,000 you set a part when you set a limit of N10,000) or above N5,000 and pay 10% through vm.

(d)AFTER the 10% vm payment which is immediately you can now GH.

(f)YOUR GH limit is the same amount you PH

Example: IF you PH N5,000 you are expected to GH N7,500

But note you cannot GH the whole N7,500 at once

*YOU first GH your capital(N5,000) and N2,500 later

*With these new rules there will always be more cash circulation in the mmmc system*

For a typical MMM Cooperation member, they often times do not understand the technicality. There aim is to cash out before the system start showing signs of cash drought.

However, the latest change in the rules will be another game-changer for the promoters and owners of MMM Cooperation as it will enable them to kick the can further down the road.

It also means that they can decide to shuttle the system, locking out investors who could lose all they have put into the system.

As it is with virtually all Ponzi schemes, they end up collapsing once old investors outstrip new customers.

MMM Cooperation claimed it has over 6 million members worldwide. In 2016 after the collapse of MMM Nigeria, the Nigerian Deposit Insurance Corporation said investors and victims of the scam lost over N15 billion,