Affected Zimbabwean, Mr Tinashe Muza of Harare said:
“All along things were moving in the right direction and we now have nowhere to claim our investments,”
“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.”
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.”This is coming after the people of Zimbabwe were warned by The Reserve Bank that the scheme was fraudulent same thing goes for Nigerians.
Nigeria's Securities and Exchange Commission raised the alarm over the activities of some online fraudsters tagged ‘MMM Federal Republic of Nigeria’.
Sergei Panteleevich Mavrodi, a Russian founded MMM in 1989. The acronym MMM stands for Mavrodi Mondial Moneybox takes its name from its founder.
In 2003, Mavrodi was arrested after his scheme was declared bankrupt.
No genuine market of investment
Without being told one would know that it is fraudulent because existing investors were ‘paid money from contributions made by new investors.
Nigerians forewarned is forearmed