A 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, operating under the name Micheno Multipurpose Cooperative Society, MMCS, 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, Vanguard reports. 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.

A victim, Edna Nzegu, 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 a Calabar-based comedian, MC Mbakara, 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.

Cross River Police Command spokesperson, Ms Irne Ugbo, 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."

https://lailasnews.com/wonder-bank-operators-defraud-customers-of-n27billion-calabar

Umana Umana don come back again...Nigerians will never learn; in politics, in their social lives and in their mentalities, they just don't get it.

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Hmm

Buhari doing what he knows how to do best

Legit scam

Ok na

Greed will not let people to think right.

Awufu dey turn belle
But e dey awa blood

Why do people still fall for Ponzi scam?

Ponzi scam on point



Some Nigerians Mumu Never Do




Some Nigerians Are Greedy Bugs

Even in 2018...

Someone should pls tell Fcmb to stop deducting 100naira every 2weeks from my account

Nigerians, una no dey lear??. E sure me say people wey loose from MMM go still dey among these people. Now I fully understand 1Timothy 6:6.

This one pass MMM oooo. But that comedian no try. How can they refer to you as the vice president all the while and you never made any effort to correct the impression until the bubble bust

Ponzi scheme

They performed wonders with people's money..

MMM calabar

Na so

hahaha, nigerians too like bring 5k get 10k.

so after MMM Nigerians no still wise up.

Too blind to know that it's MMM........���not sorry for victims anyway......Life itself is a risk!l

wow.. this is a large scale fraud, the banners, posters even programmes and signing of the comedian as ambassador shows that a lot of planning goes into this by big conmen..
the comedian may not even be aware , he might just be a pawn in the scheme of things

Flee from ponzi schemes but una no gree. Serves them right after all...

Lol This is Nigeria those Micheno guys will settle EFCC and be walking free in the street the same incident happened in South East through partner with you

What a sad way to loose life time earnings.
Greediness at it's peek

Nigerians are very stubborn. They don't learn from people's mistake.

Umana Umana came
Prospector (i think i got the name) came
MMM came, etc

People still no wan learn