MMM one of the most popular acronym and biggest scams in the 90’s will never be forgotten by Nigerians in a hurry.

The Ponzi scheme has taken Nigeria by storm with many putting huge sums into the it despite clear warnings from the Central Bank of Nigeria, House of Representatives and a threat from the Economic and Financial Crimes Commission (EFCC) to desist from it.

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

By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders. It is also vital to note that 50 investors in MMM committed suicide in 1994 after it crashed.

The police closed the offices of MMM for tax evasion on July 22, 1994. The company tried to continue the scheme but the business shut down.

Below are 7 reasons why neither the federal government, CBN or EFCC can’t do anything about shutting down:

1. Nobody has raised valid allegation against it

Another major reason is the fact that no one has complained yet of losing money or getting swindled by the scheme. Proponents of this theory believe this is probably why security agents are yet to swing into action.

Typically, criminal cases (which this would have fallen into assuming it’s established as a ponzi) are typically investigated after a complaint has been laid by the accuser.

If this holds true, then it will be a while before authorities even touch this scheme.

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