November 10, 2016
MMM Wahala: House of Reps Ask EFCC To Arrest Promoters
The House of Reps has asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria.
Lawmakers strongly opposed the money scheme, which lately gained popularity among Nigerians in the wake of the current economic recession in the country.
MMM promises 30% return on investment for any money put into the scheme within 30 days.
The investment scheme has a Russian origin and “involves directing clients to make money available for an anonymous person with a promise of 30 percent return within one month.”
But House of Reps described the scheme as a “scam” and warned Nigerians not to be carried away by the “mouth-watering” returns on investments.
Lawmakers warned that the “trick” used by the operators was to attract as many Nigerians as possible to invest substantial amounts of money before the bubble would burst.
The House 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.
It also asked its Committees on Banking and Financial Crimes to investigate the activities of MMM “with a view to saving Nigerians participating in the scheme from you financial ruin.”