Officials of financial scheme MMM arrested

Two operatives of Ponzi financial scheme, Mavrodi Mondial Movement, popularly known as MMM, have been arrested at the instance of the Central Bank. The two were apprehended in the process of luring unsuspecting customers to invest with them.

The unregistered firm was banned in neighboring Nigeria but moved to Ghana and continued with its illegal business. It operates by encouraging subscribers to donate money to members of the network for a huge return.

Speaking to Starr Business, the Head of Microfinance Examinations Office at the Central Bank, Patience Yeboah-Nkansah said the police will ensure the culprits face the law.

“The law empowers us that as soon as we hear of an institution engaged unlicensed microfinance activity, all we do is; we, first of all, act fast by closing down your institution. And then we make announcement in the newspapers and then report you to the security agencies, and we hear they have nabbed two of their operators,” she said.

The incident comes on the back of the financial debacle that hit scores of Ghanaians in the Brong Ahafo region last year after a popular financial firm DKM failed to repay investments made with them by unsuspecting individuals.