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.
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