- The Bank of Ghana has cautioned members of the public from dealing with the MMM ponzi scheme
- It says the group is not licensed to engage in any deposit taking activity
- The scheme was started by a Russian convicted fraudster
The Bank of Ghana has released a statement cautioning Ghanaians from engaging in any form with the Mavrodi Mundial Moneybox (MMM) Group.
The Bank of Ghana has asked Ghanaians to be cautious and not engage in any dealings with the MMM group as it operates a "Ponzi scheme through a virtual office". Something worth noting since the absence of a physical address would make an attempt to bring the group to book, or retrieve fraudulently earned funds almost impossible.
As its modus operadi, the group hops from one country to another gathering capital from its customers in the general public. Once the scheme reaches its saturation point it tends to crash, leaving its subscribers worried and destitute.
This is something that's been experienced in Zimbabwe, Nigeria, South Africa, and other countries.
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READ FULL STATEMENT BELOW:
FOR IMMEDIATE RELEASE
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
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