Another day, another “Zimbabweans lose millions of USD in a Ponzi scheme” headline. This time the relatively new cryptocurrency scam struck to the tune of over USD$5 million. What happened this time? Martin Mhlanga (the schemer) is sitting pretty somewhere after promising his victims fantastic returns on their investments and then failing to deliver. Mhlanga […]
It seems as though the authorities have now taken aim at the number of Pyramid and Ponzi schemes in Zimbabwe. The Reserve Bank of Zimbabwe (RBZ) and the Zimbabwe Republic Police (ZRP) are now rooting out these operations. We have reported on these organisations before and how they have spread in these very difficult times. […]
A couple of weeks ago we published an article that outlined the identifying features of pyramid and ponzi schemes. Their spread has unfortunately continued and it is very concerning. Many of you may have seen a number of get-rich-quick schemes being forwarded on WhatsApp or being advertised on social media. Some of them are even […]
Zimbabwe is not a stranger to crisis. We have moved from one economic crisis to another over the last couple of decades. This has, on one hand, made Zimbabweans very adaptive and innovative. On the other hand the dire situation has made people look for alternatives that assure them an easy win. We have seen […]
MMM Nigeria this is how MMM Zimbabwe crashed, very similar to what is happening to you now Earlier today, MMM East Africa, MMM Global Zimbabwe‘s parent organization, released a public statement on its website. The statement gave notice to all members of the immediate suspension of its account freezing process, 9 days earlier than initially […]
Recently we published a story on RBZ warning the public against Ponzi and Pyramid schemes. The principal financial regulator fingered MMM Global Zimbabwe (MMM) as the biggest Ponzi/pyramid scheme offender. MMM dominated the discussion on this story, but I then realized that, by releasing the warning the RBZ has accepted and exposed itself. The RBZ is clueless […]
RBZ issues stern warning against participating in Ponzi/Pyramid schemes, points finger at MMM Global Zimbabwe for misleading the public!
The Reserve Bank of Zimbabwe issued a public statement yesterday, 25 August, warning the public against participating and investing in Ponzi and Pyramid schemes. According to the RBZ, Ponzi and Pyramid schemes tempt people into investing their money in lucrative investments and contribution systems with the promise of high returns. The RBZ further explains that a […]