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AP police caution people against Mavrodi scheme

The scheme is already prevailing in some parts of the country

BS Reporter  |  Chennai/ Hyderabad 

Andhra Pradesh police have cautioned people against participating in Mavrodi Mondial Moneybox (MMM), a financial scheme propagated online by Russian businessman Sergey Mavrodi.

T Krishna Prasad, head of Crime Investigation Department (CID), on Monday, said, "The general public are hereby cautioned not to enter or participate in such schemes and invest any money as these schemes are bogus and do not yield any money."

The scheme is already prevailing in some parts of the country such as Maharashtra, Gujarat and Punjab and is likely to enter Andhra Pradesh, according to him.

A statement issued by CID's Additional Director General of Police said MMM in the guise of helping common people was collecting deposits to the tune of Rs 5,000 per person to enroll as a member of the scheme. The ultimate goal of the scheme's organiser is to destroy the global financial system. He is an accused in several criminal cases and had undergone imprisonment, the statement said.

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First Published: Mon, April 22 2013. 20:12 IST