MMM Top Initiator Chuddy Ugorji Returns With Another Ponzi Scheme

Chuddy Ugorji

 

Chuddy Ugorji, the initiator of Mavrodi Mondial Moneybox, the popular Ponzi scheme also known as MMM, is back in Nigeria. Ugorji had reportedly fled to the Philippines after a failed assassination attempt on his life in an Abuja hotel in 2017. He had to jump the hotel’s fence to escape from his attackers and afterwards, travelled abroad in company with his wife, Amaka, far away from the painful groans of thousands of Nigerians who lost their hard-earned money to the Ponzi scheme’s crash in 2016.

Ugorji left the scene and nothing was heard of him for a long time only to return recently and quietly introduce another Ponzi scheme called MLM. Due to the public outrage ignited by the collapse of MMM, he has been maintaining a low profile.

Ugorji’s new scheme, MLM, is operated like the crashed MMM. In a nutshell, participants receive help in the form of cash donations and give out cash to members of their communities. The businessman has not been very vocal about it for fear of attracting the attention of those who lost a lot of money when MMM crashed.

 

Recall that in 2016, Nigerians were introduced to, MMM where its registered participant provided help by donating money to another participant. They also get help by requesting money after some days with a 30 per cent increase in their initial donation. Although many Nigerians invested large sums of money in the scheme, they were unable to cash out before it crashed. But Ugorji, who initiated the scheme in Nigeria, cashed out and lived a flamboyant lifestyle. He splashed pictures of his luxury boat cruise and threw a lavish wedding ceremony that was attended by many celebrities.

The Will