An extract from The Independent's article expressed;
That is regardless of a notice from the Reserve Bank of Zimbabwe that the plan was deceitful. RBZ warned individuals from people in general that current financial specialists were "paid cash not from certified business sector venture of their assets, but rather from commitments made by new investors, until a moment that the plan can no more pull in new investors".
What it just means is that the more individuals needing assistance has outnumbered the number of people joining. At this moment we have no place to get our cash which we contributed."
In spite of the wake up calls of Zimbabwe and South Africa – and to be sure the first MMM plan – a branch is currently demonstrating progressively famous in Nigeria.
A quote from a Central Bank official said; "These individuals dependably accompany exceptionally fascinating suggestions," Mr Okoroafor said. "These are fraudsters who are simply out there to gather individuals' cash and flee when they hit their objective."
Nigeria's Central Bank and the Securities and Exchange Commission have cautioned Nigerians off the plan however the guarantee of 30% Returns has demonstrated a lot for most people to stand up to.
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