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Go

MMM cries foul over being labelled ponzi scheme

Members say they're confident a high court will rule that it is not a ponzi scheme.

Picture: Christa Eybers/EWN.
Picture: Christa Eybers/EWN.
| 1161 days ago

JOHANNESBURG - Members representing South Africa's MMM community say they have applied to the High Court in Pretoria for clarity on whether the donation based network is considered a ponzi or pyramid scheme.

Members say they are confident the court will rule that it is not a ponzi scheme.

The National Consumer Commission says it's under investigation.

At the same time, the Hawks are looking into the matter after receiving a complaint.

Deon Jansen van Rensburg, who is an advisor for MMM, says the commission made this claim without properly investigating.

"The commission announced in the media that this is a pyramid scheme on the one hand, and the other hand they say, 'well we don't have the forensic capabilities to investigate. It is extremely concerning to declare something a scheme and admit you haven't really investigated and say 'we are giving it to somebody to investigate for us.'"

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