MMM Founder Dies After Many Zimbabweans Lost Their Money in The Scheme

By Alvine Chaparadza

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 introduced the scheme in Zimbabwe by 2015. MMM promised attractive returns to participants that averaged to 30% of their investment.

MMM’s 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 …read more

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