The Global financial pyramid scheme, MMM has reportedly crashed in Zimbabwe, leaving several thousand of investors in the scheme distraught.
MMM which stands for Mavrodi Mondial Moneybox is a scheme which has become extremely popular in many African countries off the back of its claims of 30% of whatever participants pay into it monthly.
Nigeria’s Central Bank has warned that it is a Ponzi scheme but many have refused to heed their warning as they continue to invest in the scheme. The founder of the scheme, Sergei Panteleevich Mavrodi of Russia who is wanted in his home country is on the run.
Financial Watch quotes a hapless victim of the scheme as saying,
“We never thought the scheme would end this way as we believed that by using EcoCash to do the transactions, things were in order. I am surprised that EcoCash is also distancing itself from the scheme and it is clear that I will never recover the $300 that I invested.”