Pindula
Register Login

Ponzi Schemes Resurface In Zimbabwe

Ponzi Schemes Resurface In Zimbabwe

Ponzi schemes have resurfaced, prompting the Securities and Exchange Commission of Zimbabwe (SecZim) to warn that they threaten an already fragile economy.

Investopedia defines a Ponzi scheme as a fraudulent investing scam which generates returns for earlier investors with money taken from later investors. This is similar to a pyramid scheme in that both are based on using new investors’ funds to pay the earlier backers.

SecZim acting chief executive Gerald Dzangare told NewsDay at a workshop in Kariba last Friday that members of the public need to be very careful. Dzangare said:

One of the most painful things that have happened in our country is these ponzi schemes. People have lost money to these unregistered asset managers who collect it claiming that they will invest it to make it multiply within a month. These people then disappear. 

Millions of dollars were lost; some lost houses while others committed suicide upon discovering they would have been duped. We have handled suicide cases related to ponzi schemes.

He said the fraudsters, who operate Ponzi schemes, were not registered with SecZim.

Last year, police reported that “at least 10 000 complainants lost over US$30 million” to Ponzi scheme dealers.

The police in the same year handled 892 cases involving thousands of complainants whereby the scammers had disappeared after swindling unsuspecting investors.

Ponzi scammers involve the sale of products or distributorships in an attempt to show legitimacy. This is done to sidestep regulatory agencies.

In Zimbabwe, the history of Ponzi schemes dates back to the 1990s, when the Russian MMM Global scheme was revived in Bulawayo and quickly spread throughout the country.

In 2016, the Reserve Bank of Zimbabwe pointed out that MMM Global Zimbabwe was the biggest pyramid scheme that duped many investors in the country.

More: Pindula News is best enjoyed via the App. Download it here

Share Article

Sponsored

More

14 Comments

Mazibeka 1 month ago

This is an evil covenant. Taking part of your body for ritual is selling your soul to the devil. Uchashandiswa in that kingdom, whatever you think you got is nothing compared to, what they gain from your soul. Hence forth after taking chigunwe they have you all the time they control you and all your clan through using ropa rako ndosaka zvichikonzera rufu rwehama. Kana ukatengesa chigunwe watengesa rudzi hama dzako dzichafira 10 000 us isingaitengi kana 500sm stand. Satanism yauya fast and irikuunganidza kudarika zanu neccc.


Trust 1 month ago

What has been done can't be undone. May pindula shed more light to readers on toe selling. Please.


Street Smart 1 month ago

Ana Fombo muchiri kungorohwa bag ne skill idzi nanhasi kkkkkk


Sponsored

More
Toe Merchant 1 month ago

Chigunwe Chako Chete. Zvotoita.


The King of Serpents 1 month ago

😂😂😂😂😂😂

GVT 1 month ago

Pindula please would you find us some news on people who are selling their fingers and why they are doing so.


madzibaba stepneji 1 month ago

*Toes for money*

```May 30, 2022```

_*Join Sascko Bales WhatsApp group*_
https://chat.whatsapp.com/CXAiy4lzrUWJ2LG3BC9Azy

https://chat.whatsapp.com/KnTDZXvAArvKXPSGP2kp4n

CAN anyone really sell their toes and make instant cash or we are just being sold a dummy?

The sound of it seems a little weird but it’s a subject that is dominating social media sites in this country.

Have we really hit rock bottom as a people that we believe we don’t have to sweat for money and prefer giving some South African sangomas our toes?

Social media has been awash with these tales since last Thursday with news that local dealers, especially those at Ximex Mall in the capital, can’t walk bare footed after selling off their toes.

In one of the circulating messages, there are even unconfirmed prices for the big toe (US$40 000), middle toe (US$25 000) and small toe (US$10 000).

Some say this is work of a cult, who demand the toes in exchange for 10 years’ riches, but one will lose a relative along the way.

Other claims are that, after agreeing to have a toe cut off, no other person must see the leg.

A close source at Ximex claims the story is just something which one guy jokingly shared with his colleagues and has now been blown out of proportion.

“I can’t really deny or confirm such activity at Ximex Mall but what I have gathered is that this whole issue was blown out of proportion after a few guys shared it as a joke.

“Yes, some of the latest cars that the dealers are driving are questionable, imagine seeing a guy who has been struggling to buy lunch for himself now cruising in a Mercedes Benz GL400 which costs US$200 000, you have questions,” said the source.

In a voice note, purported to belong to one ‘donor’, she claims the process was not painful but she received the shock of her life after some maggots came out of her leg. _*HMetro*_

*The Voice Online News ©*
_*Telling The True Story*_

gboy 1 month ago

nyaya dzemu kwayedza idzo nonsense

veronical 1 month ago

MUDZIMAI AKANOBVISWA CHIGUNWE OSHAYA ZORORO KUBVA MUSI WECHITATU 25 MAY 2022...…....…...…....SINGLE MOTHER INE MAKORE 26 OKUBEREKWA INOTI YOSHAYA ZORORO kubva MUSI WECHITATU 25 MAY 2022 MUDZIMAI UYU ATAURA PARADIO ZIMBABWE NEMUSHAMARARI JB NHASI SATURDAY 28 MAY 2022 ANOTI AKAONA NYAYA YEKUBVISWA ZVIGUNWE UCHIBVA VAITA MARI ICHITENDERERA PASOCIAL MEDIA ACHIBVA AENDAWOKO ACHITI AITE MARI ANOTI AKANO BVISWA CHIGUNWE CHIDOKO ACHIBVA APIHWA 10000 US YAKE ANOTI ACHIBVA IKOKO AKAENDA KUNOTSVAGA STAND YEKUTI AWAKE ASI ANOTI HAANA KUIWANA UYE ANOTI HANDIZIVI KUTI NDAKAISHAYA NEKUDA KWEYI ASI MASTAND ANOTENGESWA ARIKO MUDZIMAI UYU ANOTI PAMUNOBVISWA CHIGUNWE ICHI PANE MHIKO YEKUTI UNOFANIRA KUGARA NEBHUTSU NGUVA DZESE HAUFANIRI KUONEKWA KUTI HAUNA CHIGUNWE ASI UYE ANOTI VAKAUDZWA KUTI PANOBVISWA CHIGUNWE RONDA RACHO HARIPORI KUSVIKA MURUFU UYE ATI ZVIGUNWE IZVI HAZIVI KWAZVINOENDESWA ANOTI MUSI WAAENDA VAIVA VATATU VECHIDIKI VOGA.. ZVINO AKUTI DAMBUDZIKO RAWAPO KUBVA MUSI WABVISWA CHIGUNWE ICHO CHITATU CHAAENDA MANHURU ACHO ANOTI AKANGOTANGA KUNZWA KUFAMBWA MUVIRI WESE UYE PAKABVISWA CHIGUNWE PACHO PAKUBUDA MAKONYE EBLACK... SAKA ARIKUTI AKUTSVAGAWO ANGAMUBATSIRA KUTI AWANEWO ZORORO... NDOZVANDANZWAWO PARADIO ZIM MANHERU ANO WENYU MUTORI WENYAYA YACHO PARADIO DG NDOVIMBA MUCHADZIDZA NDINOKUMBIRAWO MUSATIKA SINGLE IYI MUNHU UNOPERERWAWO KANA USINA ANOMIRA NEWE ANOTI AKATOZOONA KUTI IYI NDIYO SATANISM ATOVA MAZVIRI PANGUVA YAAKANGA AKUPIHWA MHIKO SINGLE NDOKUSHUVIRA UVANE ZORORO NDOVIMBA MWARI VAKASIYA UCHIENDA KUTI VAMWE VAGOONAWO KUIPISISA KWAZVO

Toe Merchant 1 month ago

Come to my inbox

SC 1 month ago

you want to know whether it's safe or not so you can sell yours

Anonymous 1 month ago

huh izvi ndakarambawo izvi


Tateguru 1 month ago

Unodyiwa wakasvinura sematemba.



Leave a comment


Recent News


News Categories



Give us Feedback