Do not wait for MMM casualties but see the writing on the wall now says NCC

Several banks say they have now frozen accounts belonging to MMM scheme.

It is currently being investigated b the hawks, amid claims that it is a pyramid or ponzi scheme.

Thezi Mabuza, Deputy Commissioner of the National Consumer Commission (NCC) talks to Stephen Grootes.

I think the banks are governed by the Banking Act and also the Financial Intelligence Act. I think in terms of our relationship with our bank, we cannot say the decision is right or wrong. it depends on the individual cases...the onus is on the client to take it up with the bank.

Thezi Mabuza, Deputy Commissioner of the National Consumer Commission (NCC)

We said it has all the elements of a pyramid scheme and elements of a multiplication scheme...when you go to their website they guarantee a return of 30%, which in terms of the Consumer Protection Act, is 20% above the repo rate.

Thezi Mabuza, Deputy Commissioner of the National Consumer Commission (NCC)

She says everybody who joins the scheme has to pay a joining fee. And then the person who recruits another person also has to pay a percentage. She says they call it a 'donation'

Because now we don't have causalities, people are saying it is just government trying to clamp down. But they don't see the bigger picture. don't wait until there are casualties.

Thezi Mabuza, Deputy Commissioner of the National Consumer Commission (NCC)

Listen to the interview below:


This article first appeared on 702 : Do not wait for MMM casualties but see the writing on the wall now says NCC


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