Thousands lose money in Zimbabwe as MMM crashes, warning to other countries

Are you in Nigeria? Are you a member of MMM? Do you know someone that is into the scheme? This is for you and your friends, make sure you share this after reading.
There was a time the Federal Government and the Central Bank of Nigeria warned Nigerians against investing in MMM because it is a designed and ‘seasoning’ coated scam but many Nigerians did not listen and are still joining the program.

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.

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.
One of the participants who lost his money when interviewed said;

“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 and many people still have there money stucked in this program.

As at first it looks as if they are helping but it is the greatest scam of the century. This goes to many Nigerians and other Africans who still wants to join this scheme, my advice is for you not to join and if you have your money in it , I pray you get to collect your money before it crashes in your country.