Following discreet moves by the Nigerian government to flush out the Mavrodi Mondial Movement MMM, a technology expert, Tope Aladenusi has said the inability to trace the movement of funds in the bank accounts will make it impossible to identify the promoters of the scheme or recover the funds.
Recall that MMM notified its participants last month that all accounts used by Nigerians had been frozen.
The freeze, which MMM said will be for 30 days, has made many participants jittery as they eagerly countdown to having access to their accounts.
Speaking on the order by the National Assembly to the Economic and Financial Crimes Commission, EFCC, and the Central Bank of Nigeria, CBN, to go after MMM promoters, the expert concluded that it was almost a lost battle.
Aladenusi, head of cyber risk services department of Akintola Williams Deloitte Nigeria, described MMM as a distruptive technology that is used to deceive people.
He told Leadership that the scheme uses technology to move money around in a way that cannot be tracked.
His words: “What happens is that when you sign up for it, you become part of it. When you say you want to help and you are coming in with N1 million, they will assign you to pay three or more people.
“You then pay money into somebody’s account to give help and having paid money into those accounts you then wait.
“At the end of your one month expiration, and your money has appreciated by 30 percent you will click on ‘I need help’ and when you need help, other people will now be told to pay money into your account.
“Now what happen is that when you want to deposit the money they will instruct you not to write MMM in the deposit slip.
“And when you scan the deposit slip in the system so as to notify them that you have paid the money into another persons, account then they can now say you are accredited to go on to pay another one.”
Aladenusi warned that a monetary transaction that is not done physically or that could not be tied to a known individual or organization was risky, adding that it should not be trusted because there will be no one to hold accountable when things go wrong.
He added that when the eventuality of the MMM scheme dawn, participants will regret they invested their money.
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