20171109

Young Man Steals Company's N3.5m and Stakes It In MMM

The quest for quick money has landed a 24-year-old salesman in court for stealing and staking the sum of N3.5 million in MMM, a ponzi scheme.

The salesman, John Okonkwo, who allegedly stole his employer’s N3.5m and invested in the MMM scheme, appeared before an Ojo Magistrates’ Court on Thursday.

MMM is a notorious ponzi scheme which promised many Nigerians 30% return on investment but left them disappointed and defrauded of their monies.

The accused, is facing a charge of stealing. Okonkwo, however, pleaded not guilty to the charge.

The prosecutor, Insp. Uche Simon, said that the accused committed the offence at Shop 26, Zone E, Block 2A Aspamda Market, Trade Fair Complex, Lagos between March and October.

He said the accused put the N3.5m sales proceeds belonging to his employer, Mrs Jane Ekweanua, into the Ponzi scheme.

“Okonkwo put sales proceeds into MMM without the consent of his employer. It was during auditing that it was discovered that N3.5 million was missing,” he said.

Simon said the offence contravened Section 287 of the Criminal Law of Lagos State.

NAN reports that Section 287 prescribes three-year imprisonment for stealing.

Magistrate A.S. Okubule granted the accused N500,000 bail with two sureties in like sum.

She said that the sureties must reside within the court’s jurisdiction and must be gainfully employed.

The case was adjourned to January 23, 2018.

Meanwhile, the notorious ponzi scheme announced a restart last week, meaning all investments gone.

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