Weeks after pyramid scheme MMM froze out participants from withdrawing their money, a similar service known as GMAfunds has collapsed, leaving thousands of “investors” stranded. In December 2016, another service known as Helping Revolution crashed with people’s funds. Both
Although they are not as popular as MMM, GMAfunds and Helping Revolution trapped an estimated 100 million to 200 million naira in participants’ funds in the system, Somtoo Okoye blog sources say.
Unlike MMM which gives people 30% of their deposits, GMAfunds promises a 100% return for participants as well as 20% deposit and 20% referral bonuses. It also accepts use of Bitcoin currency.
GMAfunds website does not indicate if it has any affiliation with Russian owner of MMM Sergey Mavrodi who founded MMM Nigeria, MMM South Africa, MMM Zimbabwe and the likes.
However, some top players in the Internet marketing circle have pointed accusing fingers at a young Nigerian entrepreneur named Seun Ogundele for not only fiercely promoting the services but founding the GMAfunds and Helping Revolution pyramid schemes.
Segun who travelled to faraway Dubai, United Arab Emirates earlier this week, says he is arranging his team of lawyers to challenge his accusers in court.
This development is coming days after MMM Nigeria says it will unfreeze participants’ monies starting from January 14 2017.