MMCS, Wonder Bank Bolts with Depositors’ N27Bn

By Editor on 26/09/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 1,391

Emefiele, CBN Gov.
Emefiele, CBN Gov.

Micheno Multipurpose Cooperative Society (MMCS), wonder bank in Calabar has allegedly defrauded unsuspecting customers to the tune of N27 billion, after the operators bolted with their deposits in Cross River State.

The bank, reportedly succeeded in defrauding over 13,000 people who trusted them with their money.

The scheme owned and operated by one Michael Eke, had promised depositors of N100,000 an additional N50,000 at the end of 40  days, and those who deposit N150,000 would get N300,000 at the same period.

According to Vanguard, a deposit of  N1 million would earn a N500,000 profit at the end of the same period while deposits above N1 million would be calculated in N1 million units.

The scheme berthed in Calabar in June 2018 had been attracting patronage from Cross River state residents. 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 only a small part of their deposits sent back to them, 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. Their office in Calabar has remained shut since then.

The scheme started as a Swiss marketing company on WhatsApp and in less than one month, the groups grew to about 36 all providing information on the benefits of joining the scheme and attracted a lot of people.

Edna Nzegu, a victim, said: “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”

Some of the depositors accused MC Mbakara, a Calabar-based comedian, of conniving with Mr Eke to fleece them of their money by promoting the scheme on his WhatsApp 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: “I have been accused of so many things I am not aware of. I am not on the run and not hiding. My phone lines have been open and I am very available”

He added he was only a brand ambassador whose following on and offline was used by Eke to drive an aggressive campaign that brought a lot of depositors to the scheme.

Ms Irne Ugbo, Cross River Police Command spokesperson, said reports had been made by some depositors of the scheme and investigation is ongoing “to unravel what the scheme is about and what actually happened to the depositors’ funds.”

Posted 26/09/2018 06:57:29 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
EFCC slams President’s aide for linking it to...

Imo Panel uncovers N106 billon Contract scam by...

Herdsmen attacks a ploy for ethnic cleansing, Afenifere...

EndSARS massacre: SERAP threatens to sue Buhari, demands...

Edo: ‘My reelection not worth spilling of blood'...

GOCOP re-elects Executive Officers

2023: Ekweremadu charges media on investigative journalism

Aisha Buhari thanks husband for giving her new...

Elite, importers conspired against Osinbajo at VGC –Ojudu...

Ex-convict jailed 10 years for stealing foodstuff in...

Court orders IG to produce INEC chairman on...

How Nadaba Energy owner forged documents to obtain...

 

Latest News Ex-Kogi Poly Bursar, Dr. Adamu to be buried January 29 Boko Haram, bandits attacked 25 schools, killed 16, abducted 1,440 children in Northern Nigeria – UNICEF Electoral Act amendment Bill bars voters from contesting candidates’ certificates in court I won’t return to partisan politics, says Obasanjo US team, CSO witnessed MKO Abiola’s death in Abuja clinic – Abdulsalami I’ve peace of mind after castrating myself, says Benue school dropout Anambra: Soludo pledges to work with S’East, S’South govs to activate economic prosperity Don’t harass residents over war against ‘Yahoo Boys’, Students tell OP-MESA, others Gov. Bello orders investigation as cyclist killed, police barracks burnt 2023: ‘It’s presidency or nothing’ – Igbos reject VP slot NCDC Confirms 228 COVID-19 Cases In 13 States, FCT 2023: Wike courts five Governors to stop Atiku, Saraki

 

Most Read Ex-Heads of State will protect Jonathan from persecution —Kukah (263,513 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (263,509 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (263,509 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (263,509 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (263,508 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (263,507 views) Sickle cell support group seeks government intervention (263,506 views) Ebonyi bans embalming of corpses in homes (263,505 views) ASUU strike: Senate intervention ends in deadlock (256,230 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (255,162 views) All you need to know about Peter Obi, PDP VP Candidate (197,275 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (195,616 views)

 

 

SECTIONS FAITH (158) EDITORIAL (21) NEWS (7,858) POLITICS (498) SOCIETY (133) SPORTS (62) BUSINESS (376) HEALTH (60) EDUCATION (51) ENTERTAINMENT (58) INTERNATIONAL (188) TECHNOLOGY (6) COLUMNISTS (57) LETTERS (4) OPINION (42)

 

 


There are no video entries posted yet.