Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,495 members, 7,954,897 topics. Date: Saturday, 21 September 2024 at 12:02 PM |
Nairaland Forum / Nairaland / General / Investment / Thousands Of Zimbabweans Losemoney As MMM Crashes (538 Views)
Bad News For Guiders As MMM Announces New Strategy / Anxiety As MMM Again Removes GH Of Mavrodians / Shock As MMM Participant Commits Suicide In Enugu (2) (3) (4)
Thousands Of Zimbabweans Losemoney As MMM Crashes by MVLOX(m): 9:52am On Sep 27, 2016 |
THOUSANDS of people, among them civil
servants and vendors, have lost thousands
of dollars to fraudulent online pyramid
scheme MMM Global Zimbabwe after it
collapsed recently. The social financial
network, which relied on an accelerating
number of new members to pay off the
old, abruptly terminated its services last
week leaving participants stranded.
This comes as Econet’s mobile financial
service platform, EcoCash yesterday
distanced itself from the pyramid scheme.
Participants claimed they were using
EcoCash for their transactions.
Zimbabweans have in the past months been
joining the online investment scheme in
droves in a bid “to get rich quickly”. The
Reserve Bank of Zimbabwe warned people
that the scheme was fraudulent and there
was no legal recourse in the event they lost
their money.
The central bank said MMM, which
advertises its operations through a website
and recruiting agents, was not a registered
or regulated entity. EcoCash yesterday said:
“We have noted that some of these
pyramid schemes are allegedly advertising
in a manner that suggests that the Ecocash
facility is a medium for prospective
members to deposit their money. This is
not correct.
“We advise our valued customers and all
stakeholders that Ecocash is a licensed
mobile payment platform that enables
customers to make financial transactions
such as sending money, buying prepaid
airtime as well as paying for goods and
services within the confines of the law of
Zimbabwe. EcoCash promotes safe and
legal transactions but will not be held liable
for any losses arising from the use of
EcoCash to engage in illegal activities such
as Ponzi schemes.”
The scheme advertises itself as a mutual
aid fund under which recruited members
contribute money to assist others and are
promised investment returns of 30 percent
per month. Some of the people left
counting their losses told The Herald that
they received emails that the scheme had
been suspended until September 15.
“All along things were moving in the right
direction and we now have nowhere to
claim our investments,” said Mr Tinashe
Muza of Harare.
“When we started putting our funds in the
scheme one could get assistance within
seven days but things later changed to 14
days and when we were shut out the
waiting period was 21 days. What it simply
means is that the number of people in
need of help has outnumbered the number
of people joining. Right now we have
nowhere to get our money which we
invested.”
MMM stands for Mavrodi Mondial
Moneybox and takes its name from its
founder, Sergei Panteleevich Mavrodi of
Russia. He founded MMM in 1989 and the
scheme was declared bankrupt three years
later leading to the disappearance of
Mavrodi until his arrest in 2003.
Another victim, Mrs Rosemary Mawonde
said: “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.”
While some people who were skeptical
about the scheme started with small
amounts, it is believed some poured in
thousands of dollars anticipating higher
returns. The RBZ said the schemes were
fraudulent as existing investors were ‘paid
money not from genuine market
investment of their funds, but from
contributions made by new investors, until
a point when the scheme can no longer
attract new investors,”
“The participants are made aware that they
make their money by recruiting new
members who in turn must recruit more
members,” warned the Central Bank. Source-Herald iharare.co.zw/thousands-of-zimbabweans-lose-money-as-mmm-crashes/ |
Re: Thousands Of Zimbabweans Losemoney As MMM Crashes by Nobody: 10:21am On Sep 27, 2016 |
Nigerians will continue to be nigerians always divided, that's why our politicians will continue to steal us blind |
Re: Thousands Of Zimbabweans Losemoney As MMM Crashes by EKPETI(m): 10:33am On Sep 27, 2016 |
Op, get ur news right. It did nt crash. What is ur problem with MMM? Did dey force u to join? Haba..... |
Re: Thousands Of Zimbabweans Losemoney As MMM Crashes by Oyemyketosin(m): 10:58am On Sep 27, 2016 |
*TO WHOM IT MAY CONCERN[b][/b]* I will do my best to explain wot really happened in MMM Zimbabwe in order to calm panics in d mind of misinformed MMM participants. MMM Zimbabwe offers 100% mavro growth in 30days. This was implemented to attract participants due to the economic hardship in the country. This mavro growth for those of us in business is called market penetration. Again their mavro was never frozen just like ours in Nigeria which multiplies for 15 days and also freezes for that long before withdrawal. What happened in Zimbabwe is an implementation of what is already going on in Nigeria. MMM has seen that they don't need no market penetration to attract participants. They mavro growth was reduced from 100% to 20%. 10% below what we are getting in Nigeria(30%). And the mavro is also frozen for 14days just as its been done in Nigeria. The Nigerian Model works perfectly fine and MMM is trying to implement it globally. So there is no collapse of any structure, its just a remodelling of what is already in place in Nigeria Again this is what happened in south African in April. They reduced their mavro growth from 50% or so to 30% and 20% with other schemes like lotteries introduced. And I can categorically tell you that the South African Mmm community is growing faster and better than ever after that change and reduction in mavro growth. Some other points to note is: The writer of that piece, has absolutely no knowledge of how mmm works, and the main aim of it is to cause panic. Zimbabwe MMM is still going on even with the 80% decrease in mavro growth. Did anyone lose their money? No. What happened is when u pledge 10k, instead of getting 20k reward in 30days, which is 100% reward, u get 12k which is 20% reward. They are still rewarded with 2k. In Nigeria we get 3k reward for 10k pledge. So did anyone lose their money? Absolutely not. Has it stopped MMM Zimbabwe from continuing? Not at all. The Nigerian Model of MMM Works perfectly so let's keep it going? |
Re: Thousands Of Zimbabweans Losemoney As MMM Crashes by MVLOX(m): 2:18pm On Sep 27, 2016 |
EKPETI: Its either u re blind to ther fact dat there is a source down there at d bottom or u can't read... 1 Like |
(1) (Reply)
Buy BITCOINS At Amazingly Cheap Rates Fast!!! / FG Should Be Prepared To Help Nigerians Affected By MMM / Mmm Temporally Shuts Down Site Till January 2017
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 20 |