A Ponzi scheme is an investment fraud dating back to 1920. However, credulous people are still caught in a trap of Ponzi schemes around the world. Famous Russian scammer Sergey Mavrodi defrauded 10-15 million fellow citizens of their money. Interestingly, the tricky entrepreneur expanded his financial pyramid beyond Russia’s boundaries and spread across the globe.
Indeed, cheated investors of MMM’s scheme claim their money back in various countries. The notorious fraudster founded a branch in India which immediately attracted a large number of clients. They were enticed with the promise of very high returns in case they register on the MMM website and make their deposits. People were “guaranteed” returns of 30% of a deposit per month. In practice, investor’s funds were siphoned out of the country. Eventually, the financial pyramid was spotted by the police and investigation was launched. The MMM promoters in India are accused of bulk money laundering.
The scale of their illegal activity is simply jaw-dropping. The police report that MMM’s financial pyramid in India embraces 137 million clients. This outnumbers the whole population of Russia. India’s Central Bureau of Investigations notified INTERPOL of fraudulent investment schemes discovered by them.
