An individual by the name of Owen Machamu devised a method of beating the ongoing cash shortages last year. Machamu devised a supposedly low-risk high return scheme in which he claimed to offer clients double their money back for investing with him after only 6 days. The transactions could be done through Ecocash.
When initially questioned by the Standard in December Machamu said:
Just invest with me, you will get rich. If you invest $100 after six days you get $200. If it is $200 you get $400 after six days, meaning it is 100% profit interest.
This is not a scam hey; when you send your money you also send your national identification and I also send you mine
I prefer EcoCash transfers, they are convenient. I trade, what I need is to employ large capital.”
Although he stressed that this was not a scam, he did not reveal how he invested the money.
However, after receiving an unknown quantity of money from clients, Machamu’s WhatsApp and Mobile numbers become inactive and have not been working since then. How Muchamu convinced people to part with their money is still a mystery.
Last year thousands of Zimbabweans lost money to the MMM Global Pyramid Scheme.
More: The Standard