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.
South Africa dealt with MMM Global by freezing bank accounts identified as belonging to local affiliates. A few months later MMM South Africa collapsed.
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.
Unfortunately, Zim is broken on many levels.
When you’ve existed in a world of corruption and patronage for as long as you can remember, you must get desensitized.
Following RSA Global, which is stirring from the ashes, puts me in mind of mass Stockholm Syndrome.
You can almost bet many palms in lower and higher places have been and continue to get greased in the name of looking the other way.
Claims that any country is powerless to stop such programs are bogus! The police could, and should, arrest individuals promoting ponzi and pyramid schemes, prosecuted by the authorities, and when found guilty, fined and thrown in jail for at least a year or longer, depending on how severe the scam was.
Let that word start to get around and it would certainly slow down the number of people getting involved.
How bright do the police have to be?
They could start with doing searches on Facebook and see the number of people promoting various schemes and scams like MMMM and others, find out when the next meeting is or arrange to meet the person, send an undercover agent or two to the meeting, and once the presentation begins, walk up and arrest the presenter and those holding the meeting..