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EFCC arrests 3 Ponzi scheme operators in Enugu
Ponzi scheme operator arrested by EFCC operatives [EFCC]
Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested three promoters and staff of Millionaires African Leaders Club, a Ponzi scheme, in Enugu State.

The anti-graft agency's South East Zonal office arrested the suspects in the state capital on Thursday, August 29, 2019.

According to the agency, the organisation's coordinator, Nwonu Priscilla Chika, said the club operates a collaborative contribution scheme mostly transacted in first class and business class.

Both attract registration fees and monthly contribution of N3,000 and N25,000; and N2,000 and N12,500 respectively. She said the scheme promises 'investors' 50% return on the sum invested.

Chika also said the Enugu office commenced operations barely two months ago, and that the club's corporate headquarters is located in Nsukka, a town in Enugu, with one Princess Benny as chief executive.

"The suspect could not confirm the registration of the 'firm' with the regulatory bodies such as the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN)," the EFCC said.

Nigerians lost billions of naira when Mavrodi Mundial Moneybox (MMM), a popular Ponzi scheme, crashed two years ago.

The Nigerian government has warned Nigerians many times against investing in Ponzi schemes with no established structures.

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