Popular wonder bank, Mavrodi Mondial Moneybox, otherwise known as MMM is on the brink of collapse as members of the House of Representatives on Wednesday asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to go after the promoters of the ponzi scheme.
Lawmakers have insisted that the investment scheme is fraudulent and have warned Nigerians to desist from putting their money into it despite the “mouth-watering” returns on investments.
MMM which originates from Russia promises 30 per cent return on investment for any money put into the scheme within 30 days.
It involves directing clients to make money available for an anonymous person with a promise of 30 per cent return within one month.
Lawmakers directed the EFCC, security agencies and the CBN to take urgent steps to halt the scheme before many Nigerians would become victims of the scam which is fast gaining grounds.
It also asked its Committees on Banking/Currency and Financial Crimes to investigate the activities of MMM Nigeria Scheme, “with a view to saving Nigerians participating in the scheme from you financial ruin.”
The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.
Fijabi, an All Progressives Congress lawmaker from Oyo State, represents Ibadan-South/West Federal Constituency stated: “The scheme entered the Nigerian circle in 2016, capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to their antics.”
He said the fact that MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.
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