Unlike Nigeria, Zimbabwe Warns Citizens Against MMM Scam

mmm scam

Unlike Nigeria, Zimbabwean Reserve Bank (like the Central Bank of Nigeria, CBN) has just made known its stand by issuing warnings against MMM scam, the Ponzi fraud making waves across Nigeria and the rest of Africa.

In a reply to BehindMLM, a popular website that reviews Ponzi frauds and multi-level marketing scams, the Reserve Bank of Zimbabwe warned its citizens againts MMM and acknowledged the presence of the scam in the country saying:

‘MMM Global Zimbabwe isn’t a registered or regulated entity in the country’.

‘It advertises its operations through a website and through recruiting agents operating in various centres of the country. It has no official offices or office bearers’.

‘Since MMM Global Zimbabwe was not registered under any law, RBZ said its activities were not regulated or supervised by any authority in the country’.

However, the statement portrayed Zimbabwean Reserve Bank as helpless, just like Nigeria, the Securities and Exchange, SEC only gives periodic warnings to the general public. The SEC has not made any specific statement on MMM.

In South Africa, after the government was convinced that MMM was a Ponzi fraud, the government has since freezed all accounts with links to MMM. The scheme has since collapse in the country, further exposing that it is a scam afterall.

In a last circular warning the public, the SEC said ‘.

Last month one of PageOne’s writers wrote a detailed article and a follow up article to explain why MMM is a Ponzi scam. PageOne’s editor has received a barrage of emails of MMM members who are already developing cold feet afraid that they might lose their money to the scheme.

The last warning given by SEC on a Ponzi scam was a public notice on Fantastic Esanbet Nigeria limited, PageOne has reported it as well. The SEC has also created a TV commercial to warn Nigerians against engaging and investing in Ponzi scams.

Moreover, warning alone cannot be said to be enough but proper investigations and regulatory actions is what is needed to stop scams such as MMM and others.

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