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This study examines specifically, the mission statement and ideology as discursive practices of the Mavrodi Mondial Moneybox (MMM) Ponzi scheme. As the demand for transparency in governance, public and private practices increase, there is also a rising proliferation of counter forms of transparency in financial sectors. While studies have focused on the practices of transparency in the reports of public and private institutions, very little attention has been paid to the perils of transparency in mission statements of online scam practices such as Ponzi schemes that parade as transparent financial schemes. Using a critical discourse analytic approach, this study investigates Ponzi schemes in Nigeria and their ideology of a ‘transparent economic system’. These schemes claim to operate a mutual benefit fund for the poor and discourage individuals from investing in banks. The critical discourse analysis draws attention to masked discourses of MMM and examines how the transparent discourse of the MMM generally constitutes deceptive discourse. The findings of the study reveal that factual and political arguments and propagandas are strategies of negative other representation that attempt to discredit the government and other legitimate financial institutions and at the same time attempt to control the mind of the participants by presenting the schemes as reliable thereby defrauding their victims.

Deceptive transparency and masked discourses in Ponzi schemes: a critical discourse analysis of MMM Nigeria