FG Begins Plan to Nab MMM, Ultimate Cycler, Other Ponzi Schemes Founders

 The Federal Government has began plans to nab founders of ponzi schemes in Nigeria. This was revealed on Friday by the President of the Nigeria Internet Registration Association (NIRA) Mr. Sunday Folayan.
He said the idea is to clamp down on internet abuses by various forms of Ponzi schemes such as the Mavrodi Mondial Moneybox, MMM, Ultimate Cycler, Givers Forumand more.
According to Vanguard, Mr Sunday Folayan, said:”If you discover any form of Internet abuse with .ng websites please send an email to abuse@nira.org.ng. We will deal with it. ”Together we can make the internet safe for us and our children."Folayan further noted that most Nigerians are being defrauded by various forms of Ponzi schemes while the fraudsters are operatingunder various names and platforms.He said that many had fallen victims as the schemes had impoverished more people than they claimed to have helped.
He, however, said that the scammers were feeding on the greed of the people and the poor economic situation to lure more victims.He added that this was in spite of warning by the Federal Government that Nigerians shouldnot invest or get involved in such fraudulent schemes.
Folayan said that recently, innocent people’s contact details such as phone numbers and emails, were being used as administrative contacts for these schemes.According to him, the victims of the identity theft only get to know when defrauded victims start calling and demanding for payments. He said that several people had received threatening phone calls regarding their fate, ifthey do not pay up. Folayan said that NIRA had taken concrete steps to further assist law enforcement agencies to deal withthe menace.