MMM promoters in trouble as EFCC wades in

– The EFCC has confirmed that it is investigating operations of the MMM – MMM which stands for Mavrodi Mondial Moneybox promises 30 per cent return on investment for any money put into the scheme within 30 days

 – The federal government has warned Nigerians against investing in the scheme and is making moves to shut down its operations The operations of MMM Nigeria is under investigation, 

the Economic and Financial Crimes Commission (EFCC) has confirmed. the spokesman of the commission, said other online schemes that promise huge returns on investments were also under surveillance.

 Recall that a week ago, the House of Reps ordered its committee on banking, currency, and financial crimes to investigate the activities of MMM scheme in Nigeria. 

It also ordered all law enforcement agencies to start arresting those promoting the MMM Ponzi scheme. According to the EFCC spokesman, the House of Representatives cannot direct the anti-graft agency to investigate MMM which he described as a faceless wonder bank.

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 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.