MMM Zimbabwe Crashes, Thousands Lose Billions
According to Pulse, MMM in Zimbabwe a few weeks ago stopped withdrawals, causing its collapse.
Thousands of people, among them civil servants, vendors and more, reportedly lost thousands of dollars (which translates to billions, trillions of the local currency) to the fraudulent online pyramid scheme. This is despite the warning the country's government against investing in the scheme.
The same situation obtains in Nigeria. Some are adamant that the scheme is legit despite warning from government to desist from it.
MMM South Africa had also in May 2016, with the company saying that it was a media panic and said it was 'starting over'.
In January 2016, the Chinese government banned MMM because it is a Ponzi scheme.