Another ponzi scheme in Nigeria has packed up, with its masterminds arrested as Nigerians are still wondering what happened to MMM.. The Securities and Exchange Commission, Nigeria, (SEC) says it has sealed up the premises of Yuan Dong (YDEC) for unacceptable investment operations in the country.
According to Vanguard, the Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors.
“Investments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000.
“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis.
“The company promises a daily profit of N80 and N2,400 depending on the category of investment,” he said.
Abdussalam said the commission’s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.
He said that the commission had established that the company’s activities also constituted a breach of the Investment and Securities Act (ISA), 2007.
“Furthermore it was discovered that contrary to their supposed existence in over 20 locations across the country, the company only has functional offices in Asaba, Kano and Abuja.
“The promoters of these illegal operations have been arrested by the Nigeria Police Force and are undergoing interrogation.
“The Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type and as such its operations are illegal,” he said.
*Why arrest some and leave some?why have they not invited the MMM guy for questioning?A scheme that deprived people of their hard earned money and made a few commit suicide should also be questioned!