MMM Ghana: BoG Declares Ponzi Scheme Illegal; Warns Ghanaians


Ghana’s central bank has announced that MMM Ghana is operating illegally in the country…

A Ponzi scheme; Mavrodi Mundial Moneybox (MMM) Group, was introduced in the country a few months ago. There has been a growing awareness of the scheme, as many citizens have thronged the site to get involved in the new financial platform.

However, the Bank of Ghana (BoG) has cautioned citizens against dealings with MMM Ghana which government has labeled fraudulent. Apparently, the BoG has not licensed this financial group and has warned the general public to not to engage in dealings with them.

According to the Central bank, MMM scheme which claims to have over 10,000 clients, moves from place to place and mobilizes deposits from the general public. The group, it said, hops from one country to another gathering capital from its customers. The BoG says this platform tends to crash once it reaches its saturation point, leaving its subscribers shattered.

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The group, which operates with a ‘virtual office’ have been reported to have crashed in different countries including Zimbabwe, Nigeria. For this reason, the Central Bank has asked Ghanaians to be cautious and not engage in any dealings with the MMM group.

The Bank of Ghana released a statement on May 10, 2017, warning that anyone who does business with MMM Ghana does so at his or her own risk. According to the BoG, the modus operandi of the Ponzi group is against and are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

These contradictions they said pose a threat to the stability of the financial system.

Below is the statement released by the BoG

MMM GHANA OPERATING ILLEGALLY

Accra, Ghana. May 10, 2017 – The Bank of Ghana wishes to draw the attention of the general public to the activities of a company called MMM Ghana, which is operating a Ponzi scheme through a virtual office.

The company, which claims to have over 10,000 clients, moves from place to place and mobilizes deposits from the general public.

The institution’s operations are contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system.

The Bank of Ghana wishes to inform the general public that MMM Ghana is NOT LICENSED by the Bank of Ghana to engage in any form of deposit-taking activity, hence anyone who does business with MMM Ghana does so at his or her own risk.

Issued by: Communications Department 

What is MMM Global

MMM is a financial platform which ‘helps’ millions of its members worldwide to connect those who NEED help with those who are willing to PROVIDE help, for free. It is a global community of financial aid and donation exchange which guarantees a 30 percent return on investments (ROI) after 30 days.

In this scheme, an investor must indicate interest or willingness to make a donation (provide help). Once this is achieved, their accounts are credited with the system’s internal currency/credit system with the equivalent bonuses. Once the payment is made, the investor is qualified to get an ROI with a 30% interest; after 30 days.