An investigation into whether MMM is breaching any laws in South Africa has become a priority, the Directorate for Priority Crime Investigation (Hawks) said on Friday.
The Hawks said its probe into MMM will soon advance from the cybercrime and digital forensic laboratory to the Commercial Crime Unit, following an initial review of the scheme by the National Consumer Commission (NCC) in 2015.
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“The preliminary inquiry was opened following the NCC complaint and while the investigation is still at an early stage, we view this matter in a serious light,” Hawks spokesperson Brigadier Hangwani Mulaudzi told Fin24 on Friday.
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It has been confirmed that MMM does not belong to the Financial Services Board or the National Stokvel Association.
Regarding the lack of regulatory compliance, Mulaudzi said that “anybody who breaks the law, we (the Hawks) will go after them. Simple as that.”
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He said the MMM probe “is a priority, because we have to protect the inhabitants of this country”.
Members of MMM SA said in a statement on Friday that they have made a High Court application in Pretoria to get clarity on whether MMM is a Ponzi and or pyramid scheme.
The members said in a statement that it is “absolutely confident that the court will declare that the MMM community is not a multiplication or pyramid scheme as defined by the Consumer Protection Act”.
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“It is the hope of the MMM-RSA community that both the media as well as the NCC will allow the court process to run its course so that, in the interest of justice, the court may provide clarity in this matter,” they said.
Mulaudzi said the Hawks won’t get involved in the court application. “They are seeking clarity,” he said. “It’s good for them to go to court.”
Source:fin24
