Narrating the incident the victim who caused their arrest said he decided to inform the police because of the public information from the Bank of Ghana cautioning the general public against the blacklisted Ponzi scheme, MMM.
This was after one person they were luring reported them to them police.
Narrating the incident to Accra-based Citi FM, the victim said he decided to inform the police because of the public information from the Bank of Ghana cautioning the general public against the blacklisted Ponzi scheme, MMM.
“The gentlemen who approached my friend and I were not convincing in their product offering so I became suspicious and asked my friend whom I was with to ignore them. It was also because I had heard of the business in the news cautioning the public to be weary of the scheme.”
It is unclear when MMM’s Ghana operations commenced but checks by Citi Business News indicate its website is still functioning despite the caution from the central bank.
The Bank of Ghana issued a statement earlier calling on the general public to stop doing business with MMM Ghana.
The Central Bank said this is because MMM Ghana is “operating a Ponzi scheme” through a virtual office.
The statement said that “the company, which claims to have over 10,000 clients, moves from place to place and mobilises deposits from the general public.”
“The institution’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system,” it added.
It also added that the Bank of Ghana has not licensed it as a financial institution.
In Nigeria, 3 million persons are reported to have lost 18 billion Naira to the Ponzi scheme.
The country’s authorities have also had a tough time clamping down the operations of MMM.
However, the Director of Communications at the Bank of Ghana, Bernard Otabil said he is optimistic the central bank will bring the perpetrators to book.