Money is scarce in our country, especially these days with the Rand gradually losing its strength against the Dollar.
So many people are desperately plunging themselves in any money making scheme that has a profit prospect in hope of a better life.
MMM is one of the quickest growing money making schemes in our country currently, and according to Wikipedia, “it used to be a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time in the1990s.”
The Scheme was started by a Russian businessman Mavrodi with two of his associates whose last names started with an M, hence the name of the company MMM.
According to Seipati, one of MMM’s investors, MMM has an unbelievable growth of 30% monthly profit. On April 2016 some people flooded the media with complaints of non payments, but many maintain that they enjoy their monthly 30% return; this is while the others are still enraged at how they have not received their money’s growth as promised.
During an interview with times live The Hawks’ spokesperson Brigadier Hangwani Mulaudzi said the elite police unit was investigating MMM SA to establish whether it was a Ponzi scheme.”
The National stokvel association of South Africa has shunned the claims of MMM being a stokvel.
In reality some hail MMM as their financial saviour, having made them richer quicker for doing absolutely nothing like the MMM investors who set to the streets of Soweto during the month of May to convince people that they should indeed register and invest their money with MMM because it has made them rich and will make them richer as well and that MMM is not a Ponzi scheme.
Even though the people who have invested their money with MMM and have bore results insist that MMM is a great opportunity to double wealth while not lifting up a finger and is no Ponzi scheme, Capitec has shut down thousands of accounts on May 30, according to an interview Fourie had with Fin24. Some still say that MMM is just a money consuming scheme that does not deliver its promises and that its founders are just mafias who are out to rob the desperate, and will keep on crushing and having worthless mavros as more people invest like it has in the past. Anyway, according to the consumer commission, “it is very important to make wise financial decisions.” Especially now with the Rand not keeping up with the Dollar and as basic needs prices keep rising.
