advertisementBuy ZESA tokens online
#Business

MMM Founder Dies. Many Zimbabweans Lost Their Money In The Scheme, You Remember?

   

The founder of Mavrodi Mondial Moneybox notoriously known as MMM, Sergei Mavrodi died last week as a result of a heart attack. Mavrodi was a pioneer of MMM, a pyramid scheme that stretched back to the early 90s and was introduced to Zimbabwe in or by 2015. MMM promised attractive returns to participants that averaged about 30% of their investment or even more.

MMM was a hit in Zimbabwe amid high unemployment rates such that the Reserve bank of Zimbabwe issued a statement warning people not to get involved in such a scheme.

The Ponzi scheme saw people in Zimbabwe losing 80% of their invested value and not being able to withdraw their money. Since then, MMM is no longer popular in Zimbabwe hence many people are no longer investing in it. But according to their website, there are still some Zimbabweans who are benefiting from the Ponzi scheme.

advertisement

Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, chat with us using the chat feature at the bottom right of this screen

You might also like

Why Zimbabwe should be wary of Huawei Technology

Cassava Smartech’s revenue fell by 34% for period ending 31/08/20

DStv launches its streaming only service in South Africa, the pricing doesn’t make sense

Standard Chartered responds on the matter of the 2% Tax collections