Regulators powerless to stop MMM Global Zimbabwe investment
Such is the pulling power of Ponzi schemes in Africa at the moment that even after MMM Global collapsed, local chapters of the scheme in some countries continue to lure victims in.
One of those countries is Zimbabwe, where regulators have admitted they are powerless to stop the scam.
In a warning against investment in MMM Global Zimbabwe, the Zimbabwean Reserve Bank claimed
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.
And you wonder why Ponzi schemes are currently rampant in Africa…
Fair enough that MMM Global is run by Russian scammers with no direct links to Zimbabwe, there’s not much they can do about that. But if authorities are unable to crack down on local promoters of openly identified Ponzi schemes, the regulatory structure in Zimbabwe is clearly broken.
Why Zimbabwe can’t do the same escapes me.
Other than warn the public against investing in MMM Global Zimbabwe, it appears all they can do is sit back and watch victims who lost money in MMM Global lose it all over again.
Meanwhile those who profit by stealing from their fellow citizens will continue to scam the Zimbabwean public and evidently face no repercussions.