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Stories shared by numerous Fin24 users tell a tale of loss, regret and disillusionment, with victims losing anything from R500 to a combined toll of R1.3m from a single family group.
A victim of the MMM scam has issued a warning that the online scheme is growing through its rebooted pyramid in SA, while previous "investors" are verbally abused for speaking out.
As more and more MMM users complain about not being able to get cash from other users, SA’s top five banks respond to a query about the scheme's banking activity.
WATCH: Capitec CEO Gerrie Fourie says banks and regulators should work together to protect their clients from Ponzi and pyramid schemes.
Many MMM investors believe banks are out to get them, but the truth is that the industry genuinely wants to protect them from products that will wipe out their savings, says Asisa.
In an attempt to discredit the media and the SA government, a website appearing to be of MMM SA has published a fake apology from News24 for “blackmailing” the scheme.
Stokvel members are being targeted to join the alleged pyramid scheme MMM, says Andile Mazwai, CEO of the National Stokvel Association of SA.
Disgruntled former members of pyramid scheme MMM have reported mounting losses to Fin24, with the current tally at R649 000 and set to rise.
MMM, the Ponzi scheme that collapsed in SA and Nigeria in 2016, is attempting to reboot its scheme by offering a Bitcoin-based currency to all users around the world.
Capitec Bank says the onus is on clients to prove their banking activity is not fraudulent, after which it will unlock closed accounts.
Faced with empty wallets and rising costs, South Africans are placing their faith in “get rich quick” schemes that lure desperate consumers with promises of unrealistic returns.
News24 has ordered a website linked to alleged pyramid scheme MMM to remove a fake apology that seeks forgiveness for publishing stories about the Russian-created scheme.
MMM members in it to make their fortune have joined with the “wrong motives” and could quite easily lose out, says a business consultant linked the scheme.
Sergey Mavrodi's MMM Global Republic of Bitcoin scheme has collapsed, affecting the local branch of MMM Global.
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