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Senate to expose banks used for MMM fraud

By Henry Umoru

ABUJA—THÈ Senate disclosed, yesterday, that it has concluded arrangements to expose all the commercial banks and operatives of the now collapsed ponzi scheme, popularly known as MMM (Mavrodi Mondial Movement) and make them to face appropriate sanctions.

Speaking with journalists, yesterday, in Abuja, Vice Chairman, Senate Committee on ICT and Cybercrime, Senator Foster Ogola (PDP Bayelsa West), disclosed that as a way of preventing such fraud in future, the Senate would soon come up with a legislation making digital education compulsory in both primary and secondary schools.

Sergey Mavrodi of inventor MMM

According to him, in the move to expose all those who were involved in the MMM fraud, an international expert in unearthing cyberspace and banking crimes is already in the country on the invitation of the committee.

Senator Ogola said:  “We need to secure our cyberspace and financial sector against all forms of crimes or frauds as seen with MMM operators who came in collaborations with insiders, expressly entered the banking system, duped and bolted out.”

 


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