MMM Fraud: Senate To Expose Banks Involved In Scheme

All commercial banks in the country used by operatives of the ponzi scheme popularly known as MMM (Mavrodi Mondial Movement), will soon be exposed and made to face appropriate sanctions.

This was revealed by the Vice Chairman, Senate Committee on ICT and Cybercrime, Senator Foster Ogola (PDP Bayelsa West) during an interactive session the committee had with key players in the financial sector.

Ogola said that the move will serve as a way of preventing such fraud reoccurring, adding that an international expert in unearthing cyberspace and banking crimes is already in the country at the invitation of the Senate committee.

He said, “We need to secure our cyberspace and financial sector against all forms of crimes or frauds as seen with the MMM operators who came in collaborations with insiders, expressly entered into the banking system, duped and bolted out.

“We have to stop anything meant to defraud us from getting or hacking into our digital system and the first step now, is to first expose all the banks involved in the MMM fraud .

“As a chartered fraud examiner, when the scam called MMM ponzi sheme came with its 30% interest in 30 days early last year, I told people then that it was a fraud but many refused to listen and some of them later learnt their lessons in bitter ways,” he added.