“We Are Investigating MMM Ponzi Scheme” — says EFCC

EFCC,(The Economic and Financial Crimes Commission), has confirmed ongoing surveillance on the MMM investment scheme.

 Wilson Uwujaren,EFCC spokesman, gave this indication in an interview with DAILY POST on the sidelines of a training program 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.
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.

They also said,“We have always been advising people not to patronize wonder banks because experience over time has shown that their activities are not sustainable.

They also said “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.