How Another Ponzi Scheme Scammed Nigerians And Fled With N27 Billion

Thousands of people in Cross River State, have lost about N27billion to fraudulent activities of a network racket, even as five investors have lost their lives following inability to cope with their losses. .

The depositors with Micheno Multipurpose Cooperative Society (MMCS) started counting their losses, after it was discovered that the president of the Cooperative Society had made away with billions of naira belonging to investors.

The wonder bank, operating under the name, Micheno Multipurpose Cooperative Society, MMCS, has defrauded over 13,000 people to the tune of N27 billion.

The scheme owned and operated by one Michael Eke, had promised depositors of 50-80 per cent ROI (Return on Investment) at the end of 40 days. , .

The scheme berthed in Calabar in June 2018. Some of the depositors parted with their life savings and others deposited their gratuities, which run into millions with the hope of reaping bountifully at the end of 40 days. .

However, at the end of the 40 days, some depositors got paltry alerts of their money while over 13,000 others did not get anything and have since not heard from the operators of the bank in the past one month and their office in Calabar has remained shut. .

“I have N33 million stocks with the scheme. It may not be much compared to what others have but this has destabilised my life and turned me to mad woman with no bearing and I have lost interest in life and work,” a customer, Edna Nzegu, said. .

Some of the depositors accused a Calabar-based comedian, MC Mbakara, of conniving with Eke to fleece them of their money by promoting the scheme on his wataspp thread and website, which persuaded them to believe that the scheme was genuine and he has since gone into hiding. .

Speaking from his hideout, Mbakara said he was not part of the company even when he was appointed vice president of the scheme by Eke. He said he was only a brand ambassador. .
Cross River Police Command spokesperson, Irne Ugbo, said reports had been made by some depositors of the scheme and investigation is ongoing.


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