Ponzi scheme, Mavrodi Mundial Moneybox (MMM), which collapsed over a year ago in some countries, particularly in Nigeria has finally shut down.
Mavrodi launched his controversial scheme in 2011 and crashed in Nigeria in December 2016; with millions of Naira belonging to Nigerians still missing.
The Ponzi scheme in a Statement on its official website on Friday said they were shutting down due to the death of the founder, Sergey Mavrodi, who died on March 26, 2018.
The statement reads, â€ Dear participants, after much deliberation, we have made the conclusion that continuing the System operation, without our leader and ideological inspire, is impossible and makes no sense. We all carried out the tasks he assigned to us, since we had no doubt in his genius and rightness of the path he had chosen. We are firmly aware of the fact that none of us has a full view of his conceptionâ€™s profoundness and sequence of all the actions to achieve a final goal, declared in the â€œMMMâ€™s Ideologyâ€.
â€Sergey Mavrodiâ€™s broadmindedness scale is unprecedented. Therefore any attempts to continue the System operation without him are bound to fail. We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts.
â€In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.
â€We also remind (as a matter of form) that all initially were fully aware of the risks and read the WARNING and confirmed that by checking the relevant box when registering.
â€Hoping for your understanding, Administration.â€