TOPIC: MMM India, another MLM taking people for “double-y

MMM India, another MLM taking people for “double-your-money” ride


A Russian with history of duping several gullible people in Russia and the US is spreading his “mutual mutual aid fund” idea called, MMM India. This is nothing but a pure money circulation scheme

Mavrodi Mondial Moneybox India or MMM India, a multi-level marketing (MLM) or a Ponzi (pure money circulation) scheme set up by Sergei Panteleevich Mavrodi, a Russian businessman and financier, is spreading its wing in India, especially in rural areas. According to Wikipedia, in 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million roubles or about $4.3 million. But more about Mavrodi and his businesses later.



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. The new member also deposits Rs5,000 in the old member's account, thus your ‘investment’ is repaid. Virtually, because the cash is converted into Mavros in your e-wallet and then there are ‘minor’ terms and conditions, which makes it difficult to get your real money back.




The MMM scheme mandates all members to keep at least 100 Mavros in their account. That means your Rs5,000 are locked permanently in air. This is because MMM is neither a company nor a business as it operates only through the internet. This helps the double your money scheme to avoid all kind of legal permissions and regulations. MMM likes to call itself an international, free, self-adjusting community or social virus. Unfortunately, it is nothing but a money-gobbling virus.


fully story: www.moneylife.in/article/mmm-i...oney-ride/32367.html

biki 3 weeks ago

mmm india is a pukka fraud company i provided help for rs 7000 and when i asked for help they have not given any help moreover one of their members are telling i will have to open a bitcoin acount to get my money back these are all dalaals of bitcoins,so dont invest in mmm


Neil 1 month ago

Let me be honest, more than half the time every promises made by politicians seems to be fake thats the fact, a new proverb: check the pot holes in a developed city, and that will determine how sugar coated our system is. If ever critics should have a question in mind that should be "what are the total amount of skilled students coming out education to careers and what is the country doing for them. Honestly what I could not understand till date is the politician's speeches, they could not control Onion rates till date and are talking about controlling the entire system. Critics are good in finding logic where there is no logic at all. MMM will and surely survive no matter what happens. If Bill Gates has discovered Microsoft...Than Sir Mavrodi has discovered MMM. Believe me MMM is definitely a wonder. Critics go for it rather than looking a some stupid Affiliate marketing. This makes sense.
Regards, Adavarze hai...


Interesting guy, Sergei

en.wikipedia.org/wiki/Sergei_Mavrodi

en.wikipedia.org/wiki/MMM_%28Ponzi_scheme_company%29

A couple of colorful (unattributed) quotes

The cashflow turnover at the MMM central office in Moscow was so high that it could not be estimated. The management started to count money in roomfuls (1 roomful of money, 2 roomfuls of money, etc.)

MMM itself owed between 100 billion and 3 trillion rubles to the investors (from USD 50 million to USD 1.5 billion). In the aftermath at least 50 investors, having lost all of their money, committed suicide.