Thousands of Zimbabweans are reportedly in a state of frenzy as the popular Money-Making-Machine, MMM business hit the rocks in the country.Thousands of Zimbabweans, among them civil servants, vendors and people from various fields of endeavours are crying bitterly having lost thousands of dollars to sham online pyramid scheme MMM Global Zimbabwe after it recently collapsed. The social financial network, which relied on an accelerating number of new members to pay off the old, suddenly terminated its services last week leaving participants high and dry.
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 plot was deceptive and there was no legal recourse in a situation they lost their money.
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.
said Mr Tinashe Muza of Harare.
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