RBZ warns against pyramid schemes
THE Reserve Bank of Zimbabwe (RBZ) has warned the public against participating in pyramid and ponzi schemes that fleece them of their hard-earned money by promising “very” high investment returns.
In a statement yesterday, the RBZ said it has come to their attention that MMM Global, whose founder was once convicted and jailed in Russia for defrauding thousands of investors in a ponzi scheme, has established a local chapter called MMM Global Zimbabwe.
It said pyramid and ponzi are fraudulent investment schemes under which existing investors are paid returns, not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors.
“RBZ wishes to warn members of the public against participating in pyramid and ponzi schemes that come in various forms and guises and are luring people to invest or contribute their hard-earned money, promising very high investment returns.
“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,” the Reserve Bank said.
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, adding that the public was being advised against putting their hard-earned money in this or similar structures.
“Those who invest in such schemes do so at their own risk and may find themselves without legal recourse when they lose their funds.”
The scheme advertises itself as a “mutual aid fund and a social financial network” under which recruited members contribute their “spare money” to “assist” others, and are promised investment returns ranging from 20 percent to 100 percent per month.
“Testimonies by the privileged early members who would have benefited from the scheme, are often used to lure new recruits. Ponzi and pyramid schemes aren’t sustainable because, eventually and inevitably, they run out of new recruits leading to their collapse, with most contributors losing their funds. This has already happened in a number of countries where MMM Global has chapters,” it said. — @BiancaMlilo drawn from an environment with which the student was familiar with and to which he/ she could relate and apply his/her learning Educational Considerations Transfer of skills (question setting, marking and grading from foreigners to locals. Increased confidence in the education field as locals became more and more confident in handling examinations issues. Political Considerations Localisation would ensure the end of educational Imperialism in Zimbabwe Benchmarking and Standards Southern Africa Association for Educational Assessment (SAAEA). Research Forum, Standards Committee, Results Based Strategic Plan (2014-2018). Z IMSEC Strategic Plan (2015-2018). Examination Boards: ECOS, ECOL, ECZ, MANEB, NECTA, KNEC, UNEB, CIE, CXC, WAEC, (UMALUSI), National Academic Recognition Information Centre (NARIC) since 2002 (now an annual event after every November Examination FUTURE PLANS Establishing a state-of- the-art printing facility to enhance question paper security and products such as syllabi and past question and answer booklets. This facility, once established, will also reduce the re-current expenditure of the Council by 30 percent — 40 percent. Acquisition of better operating premises both at Head Office and in the Regions. Production of booklets on Examination Techniques covering common subjects. Introduction of Grade Maker for question paper setting Introduction of Grade Maker 2 to further enhance the E Marking
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People who lost money to GeoZing Pawnbrokers, a collapsed pyramid scheme, follow proceedings during a meeting at the Amphitheatre in Bulawayo