We are investigating MMM Ponzi Scheme - EFCC

The Economic and Financial Crimes Commission,
EFCC, has confirmed ongoing surveillance on the
MMM investment scheme.
EFCC spokesman, Wilson Uwujaren, gave this
indication in an interview with DAILY POST on the
sidelines of a training programme in Port Harcourt.
Uwujaren, however, said the House of
Representatives cannot direct the EFCC to
investigate what he described as faceless wonder
bank like MMM.
He said the anti-graft agency was also watching other online schemes that promise huge returns
on investments.
The EFCC spokesman said preliminary
investigations have shown that such online
schemes thrive in countries that are facing
economic recession. He warned that there was big chance of
desperate subscribers on such platforms of losing
their investments.
“We can only arrest people based on the
evidence that we have. The House made a
resolution but the resolution is a public announcement.
“We have always been advising people not to
patronize wonder banks because experience over
time has shown that their activities are not
“If you get involved in it, you will eventually get hurt. What we are currently doing is to sensitize
people. We know people want to make quick
money as a result of recession through this MMM.
“The unfortunate thing about this MMM is that it is
not a Nigerian firm but we are looking at and we
will still tell the media whatever we find out,” Uwujaren said.