What is MMM money?
MMM India, the Ponzi scheme says it is neither a company nor a business but a mutual mutual aid fund. In simple words, it takes Rs5,000 from you, gives you 100 units of some virtual currency called Mavro. When you bring two more people, you would receive 20 Mavros in your e-wallet.
When did MMM collapse in South Africa?
Cape Town – MMM, the online Ponzi scheme that collapsed in South Africa and Nigeria in 2016, is attempting to reboot its scheme by offering a Bitcoin-based currency to all users around the world.
Are pyramid schemes?
A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of “investors.” The initial promoters recruit investors, who in turn recruit more investors, and so on. The scheme is called a “pyramid” because at each level, the number of investors increases.
What happened to MMM South Africa?
After countries like South Africa and Nigeria attempted to shut them down in 2016, MMM paused their operations, only to return at the beginning of 2017 with a new marketing focus: Bitcoin. Today MMM offers bonuses and higher interest rates for contributions made in the cryptocurrency.
Is MMM still existing?
The scheme began in China in 2013 and collapsed in early 2016. In January 2016, the Chinese government banned MMM on the grounds that it was a pyramid scheme and was not registered in the country (since a fraudulent scheme cannot be registered).
Who is MMM founder?
Sergei Mavrodi
Vyacheslav MavrodiOlga Melnikova
MMM/Founders
What is Mmmm South Africa?
MMM South Africa is the name of the MMM Global Ponzi scheme’s South African branch, with our review of the scheme noting that as of September 2015, it had spread rapidly in South Africa with a claimed 1% per day or 30% per month interest rate scheme.
Is mmm a Ponzi scheme?
wants the court to declare that the MMM format is legitimate and does not have the characteristics of a Ponzi, pyramid, multiplication or chain-letter scheme. What with MMM South Africa collapsing due to a lack of newly invested funds, best of luck with the lawsuit fellas.
Why is mmm South Africa freezing my bank account?
The freezes are likely the result of MMM South Africa investors tripping money laundering filters at the bank. As a precaution banks typically freeze accounts and submit suspicious activity reports with the appropriate regulator. Whether the Reserve Bank of South Africa themselves are investigating MMM South Africa however is unclear.
What is mmm and why do banks care?
MMM prevents banks from robbing people, that is the only reason why all this is happening. And nobody cares about people. If we managed to pay millions of participants 30% per month for two years (and would still be paying, if the mass media did not lie about MMM!), why do banks not do the same?