MMM INDIA - Indians repeat the mistake of Russians

Indians did a mistake on promotion of MMM INDIA scheme.Russians did a big mistake and lost huge money.Now Indians are going lose huge money in MMM INDIA Scam.
In 1989 he founded the company "MMM", on the basis of which he set up dozens of commercial structures, including the joint-stock company "MMM", which became the largest financial pyramid in the history of Russia. According to various estimates, between 10 and 15 million people participated in this pyramid. In 2003, Sergei Mavrodi was convicted in Russia for fraud on a large scale.
His Indian followers tried to repeat the experience of the financial swindler. Deputy Director of Indian Financial Institute Prof. Aman Agarwal says: “The so-called pyramid schemes, made up of the minor contributions, are based on contributions collected under the promise of their return with a considerable profit. Such pyramid schemes have emerged in different countries. And India is no exception. However, the promises are not fulfilled, the money is not returned. People are, in fact, fleeced of all their money by the richer folk. Such pyramid schemes are often used by those who want to hide their income. But a lot of simple innocent people are taken for a ride. This illegal activity is a big problem for the Indian government, which has waged a relentless battle against it. The arrest of the leaders of "MMM", among whom there were Russians, is a recent example.”
"They raised money supposedly for charity," - said the IGP L.R.Bisnoi. However, unlike the Russian wheeler-dealer, they have not yet had time to unwind. The crooks had planned to expand their activity to Assam. On Tuesday, they organized a seminar with the aim to lure investors. According to police, 25 people became depositors of MMM in Assam. In Punjab, there were many more depositors to the pyramid scheme. " The Punjab police confirmed that the deceived depositors lost 15 crore rupees, or more than 2.6 million dollars", - said L.R. Bisnoi, Inspector General of the Indian Police. Earlier, the state governments of Maharashtra, Gujarat, Punjab, and Andhra Pradesh had warned the residents about the "fraudulent schemes in the Indian MMM." However, many gullible people were lured to give their money to crooks.
At present, the founder of the largest financial pyramid in the history of Russia, Sergei Mavrodi, is hiding from the Russian police. He is wanted in connection with a new criminal case instituted against him in May 2012.