The Bank of Ghana, the country’s central bank has issued a fraud alert on MMM Ghana.
MMM Ghana is owned by MMM Global affiliate. This is the same group of people who ran MMM Nigeria, Ponzi scheme that wrecked many Nigerian investors before it collapsed in December 2016.
Bank of Ghana through its spokesperson, Caroline Otoo, said:
It has come to the notice of the Management of the Bank of Ghana that an Entity named MMM Ghana apart from operating a virtual office is moving from place to place and mobilizing deposits from the general public.
МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s.
By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.
In 2011, MMM re-opened as “MMM Global” with subsidiaries in up to 110 countries; it became widely popular in various African countries like South Africa, Nigeria, Zimbabwe , Kenya and Ghana with some attributing this popularity to poverty and poor government regulation or law enforcement.