Reps warn Nigerians against investing in MMM scheme

  |   Nigeria News

The House of Representatives has warned Nigerians to desist from investing in the Mavrodi Monrodi Moneybox scheme popularly known as MMM or risk loss of their funds.

Akinade-Fajabi, in the motion earlier, said that the scheme was set up by three Russian nationals in 1989 and that clients were made to invest monies with the hope to make 30 per cent interest in 30 days.

He said that a similar scheme had been launched in Russia by the same founder where investors lost millions of dollars, adding that the scheme had been banned in China to avert "financial havoc''.

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