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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4 comments
That’s an unfortunate headline, does the losing of funds by Zimbabweans have anything to do with his dying???
saka apa ask mazimbo akamurongera chimbambaira
sure I LOST about $1000. in this sheme in 2016 and up to now it is still hanging and saying if you take the money now you get 0.00010 of the amount i invested .MAVROD is a SATANIST FOR REAL ,HE ROBBED ME OF MY SAVINGS NXAA….
its your greed that robbed you of your earnings. Hope you learnt a lesson that they is no easy money…