Is MMM genuine or a scam?

The entrance of Mavrodi Mondial Moneybox popularly known by its abbreviation, MMM, into the country sent Nigerians into a frenzy as many hop into the quick-money train. The company which was founded in Russia 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova recorded a rapid growth but in 1994, it came crashing down as it was closed over tax evasion. Described as the biggest Ponzi scheme in the 1990s, it was estimated that thousands of people lost up to $10 billion dollars. 
The scheme which has been banned in China has found its way to South Africa, Zimbabwe and recently Nigeria where it has attracted “investors” who put money into it and receive 30 per cent “profit” ant the end of the month. Sergei Mavrodi was found guilty in 2007 in a Russian court of defrauding 10,000 investors and sentenced to four-and-a-half years in prison.
 How MMM works People are asked to register and put in money and after 30 days, they receive a 30 per cent profit plus the invested money. Due to the larger number of people who participate, it is possible for money to circulate in a case described as robbing Peter to Pay Paul
For example, if a person invests N10,000, he will receive N13,000 at the end of a month while there is also the promise of more money if an “investor” invites new people to participate. 
Is it genuine of fake? 
The Central Bank of Nigeria bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, had warned Nigerians against putting their money in the MMM scheme as it could not guarantee the unregistered financial enterprise. 
“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise.   “We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks.