The Mavrodi Mondial Moneybox scheme is promoted by a Russian businessman and financier Sergey Mavrodi, who was earlier arrested by the Russian government on charges of duping their citizens

The Crime Investigation Department (CID) on Monday cautioned people not to invest money in or encourage the financial scheme christened Mavrodi Mondial Moneybox describing it as fraud. The MMM scheme is promoted by a Russian businessman and financier Sergey Mavrodi, who was earlier arrested by the Russian government on charges of duping their citizens of money with dubious financial schemes.

The scheme operators in India appeal to individuals through emails, text messages and through their website to invest Rs. 5,000 per person to become a member. They claim that members of the scheme would get money like in the multi-level marketing schemes. “People are requested not to invest money as these schemes are bogus and do not give any returns,” the CID stated in a press release.

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