Africa  

MMM Global leaves Zimbabweans in tears

A ponzi-like get-rich-quick scheme has left thousands of Zimbabweans in a financial dilemma, dominating discussions on blogs, news websites and social media in the southern Africa currently in throes of political and economic crises.

Already, the Securities and Exchange Commission (SEC) has issued a public alert against the investment scheme which also operates in Nigeria under the name ‘MMM Federal Republic of Nigeria’.

“The Mavrodi Mondial Moneybox (MMM) Global Zimbabwe is a scheme that advertises itself as a mutual aid fund with a promised monthly investment returns of 30 per cent,” said Taiwo Kola-Ogunlade, Google’s Communications and Public Affairs Manager for Anglophone West Africa on Friday.

“Under the scheme, members contribute money to assist others. However, it is a network that relies on growing numbers of new members to pay off the old.

“It is linked to a fraudulent history that goes as far back as 1989.”

According to SEC, MMM Federal Republic of Nigeria has embarked on an aggressive online media campaign to lure the investing public to participate in the scheme with a monthly investment return of 30 per cent.

The Commission explained that the operation of the investment scheme has no tangible business model hence it is a ‘ponzi scheme’ where returns are paid from other people’s invested sum.

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