Barely two weeks after getting a ‘marching order’ from the Federal House of Representatives, The EFCC said it has started investigating the activities of MMM Nigeria.
MMM Nigeria with the domain name www.mmm-nigeria.net, is a digital Ponzi Scheme that has become popular with over 1.6 million people.
In a statement by Wilson Uwajuren, spokesperson for the EFCC, he said:
“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 sustainable.”
“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,” he added.
The EFCC did not state categorically how in intends to carryout the investigation. There are insinuations that the websites might be pulled down in case there limited success in the investigation.
However, there are other Ponzi Schemes that are equally getting membership in droves that the EFCC is either aware of or they are oblivious of their activities and existence. MMM United, Givers Forum, Get Help World Wide and many other pyramid schemes are getting the attention and financial participations of Nigeria.
MMM Nigeria started in early February of this year and has grown from just about 300k members in March to the current membership base.