President Jacob Zuma has torched a storm after he said South Africans battling to find jobs must join MMM. Speaking at a fundraiser in Limpopo over the weekend, the president shocked attendees when he encouraged them to join the
scheme.
The entrance of Mavrodi Mondial Moneybox popularly known by its abbreviation, MMM, into the country sent South Africans into a frenzy as many joined the quick-money train. The company which was founded in Russia by Professor Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova recorded a rapid growth but in 1994, it came crashing down as it was closed over tax evasion.
According to Professor Sergei Mavrodi “It is a naked scheme, nothing more … People interact with each other and give money to each other for no reason!” means People donate their money to help other people all over the world. Mavrodi said that his goal with MMM-2011 is to destroy the current financial system which he considers unfair which would allow something new to take its place. MMM-2011 was able to function openly and financial pyramids are not illegal under Russian law. In 2011 he launched this revolution again in India, called MMM India, He was reported to be trying to expand his operations into Western Europe, Canada, and Latin America.
In 2012, He declared MMM as a Non-profit organization, by which people can help each other to break this financial slavery and to stop AMD (American Dollar Monopoly). Then Officially, MMM was declared as a Mutual Fund. It restarted successfully in many other countries also including INDIA. In India, people understood the true ideology of MMM system and joined this revolutionary system to help people all over the world to make human life better.
Described as the biggest Ponzi scheme in the 1990s, it was estimated that thousands of people lost up to $10 billion dollars. The scheme which has been banned in China has found its way to South Africa, Zimbabwe and recently Nigeria where it has attracted “investors” who put money into it and receive 30 per cent “profit” ant the end of the month.
Additional information from http://livemonitor.co.za/join-mmm/
