The Criminal Investigation Department (CID) of Andhra Pradesh on Monday cautioned individuals not to invest money or encourage anyone to invest money with scheme christened Mavrodi Mondial Moneybox explaining it as scam. The MMM scheme is advertised by a Russian entrepreneur and financier Sergey Mavrodi, who was earlier jailed by the Russian government on costs of fooling their residents of cash with suspicious monetary schemes.
The scheme operators in India appeal to individuals through e-mails, text messages and through their site to invest Rs. 5,000 per person to become a member. They claim that members of the scheme would get cash like in the multi-level marketing schemes. “People are requested not to invest money as these schemes are phony and do not give any returns,” the CID stated in a news release.
T Krishna Prasad, head of Crime Investigation Department (CID), on Monday, said, “The public are hereby warned not to get in or participate in such schemes and invest any cash as these schemes are fake and do not yield any money.”.
Though it is clearly mentioned in the MMM India site that is a helping plan where you are helping other person without any return.
MMM India has openly declared that
There are no rules. The only rule: no rules at all! Even if you follow the instructions precisely, you can still “lose”. Without any apparent reason or explanation.
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