The Securities and Exchange Commission, Nigeria, (SEC) says it has sealed up the premises of Yuan Dong (YDEC) for unacceptable investment operations in the country.
According to Vanguard, the Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors.
“Investments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000.
“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis.
“The company promises a daily profit of N80 and N2,400 depending on the category of investment,” he said.
Abdussalam said the commission’s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.
He said that the commission had established that the company’s activities also constituted a breach of the Investment and Securities Act (ISA), 2007.
“Furthermore it was discovered that contrary to their supposed existence in over 20 locations across the country, the company only has functional offices in Asaba, Kano and Abuja.
“The promoters of these illegal operations have been arrested by the Nigeria Police Force and are undergoing interrogation.
“The Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type and as such its operations are illegal,” he said.
*Why arrest some and leave some?why have they not invited the MMM guy for questioning?A scheme that deprived people of their hard earned money and made a few commit suicide should also be questioned!
Mtcheew
ReplyDeleteI wish mmm will just pay my money back.hmmmm it is well
DeleteI wish mmm will just pay my money back.hmmmm it is well
DeleteSharon take heart cos mmm will neva pay u back
DeleteSharon take heart cos mmm will neva pay u back
DeleteNever heard of this one.
DeleteNa wah.
Stellicious seems you don't understand Mmm. You can't arrest a spirit,moreover those ones are copying Mmm and you know what happen to copycats
ReplyDeleteYou people should leave Ponzi, una no go hear...i'l never go near them again after I learnt my lesson the hard way with MMM..i'm yet to recover from it sef.
ReplyDeleteExactly, did they force them to join their Ponzi scheme. Greedy people
DeleteUna dey try oooh
ReplyDeleteWhat about Badoo MMM??? Issorait
Smh, so some folks still participate in this ponzi scheme????? Wow
ReplyDeleteDem no deh hear word, sai!
ReplyDeleteSomeone sent me the list of Ponzi schemes in Nigeria and they are more than 50 in numbers....
ReplyDeleteall of them are from yahoo boys and some guiders in MMM scamming people of their hard earned money...
I like money and I like taking risk..but I will never fall for these ones...
Queen you can give GHW a try.. they are stable and thier rules are just cool.. you can't PH less than you've done before and your account can't be idle else you will be blocked out after three days.. no unnecessary bonus cos that's what kills MMM...there is nothing like guiders... infact they are too organize for story
DeleteGhw would soon crash, bf they started pairing from 80 to 70 percent later it was 65 the 58.now they have changed it to week one and week two.
DeleteParing at week two 13 to 14percent which is not a good sign.
Ph and leave it for, 30 days to gh part of yoir 2016 mavoros in mmm leave it for 30days and see.
Sergey to liv Russia for questioning in Nigeria?...dey der, besides he did not break any law.
ReplyDeleteStella see questions you dey ask. Is it Chudi that is out of the country or the Mavrodian Russian guy, you expect to come to Nigeria and answer questions.
ReplyDeleteIt is gullible people that are greedy. They want quick monies without working hard for it. Just like meeting babalawos to give you medicine to be rich quickly when babalawos too they look for money to come out of the bush and enjoy AC.
Just a pity, i pray God help a lot of people
Ponzi schemes have eaten deeply into the lives of Nigerians all thanks to Vuharia that they won't investing in them..
ReplyDeleteSomeone has been begging me to invest in Get help but I'm still skeptical...
Easy on the gbagauns Na! My eye is peppering me 😰😢😆😆
DeleteKelvin Dat Edo Boi (Stellz Cousin)
*stop..
DeleteQueen you can invest in gethelpworldwide. It is international and won't crash. 30% after a month. No unnecessary increment,no greedy guiders. Very coordinated and organised site.
Deletethe gud thing is dat, no one was forced to enter any ponzi scheme. i lost money in MMM biggerly sef.but i don dust my hand and move on.
ReplyDeleteGreed won't just let them listen. Well, their cup of tea.
ReplyDeleteStella MMM was created by a Russian. And nobody forced Nigerians to put their money there. If you must blame anybody,blame the people that invested in it or the government for making things so damn difficult,that people had to start looking for ways to double their small change. Ponzi schemes have been in existence since time immemorial. Na the sufferings in the land make people begin reason Dem. No jobs,prize of everything tripled,to eat is now a challenge. People had to start looking for how to make a little extra. Bottom line,nobody forced Nigerians to invest in any ponzi scheme
ReplyDeleteThis one Fan emma isn't talking about MMM again...abi stella don compensate her? Y do I have that feeling?
ReplyDeleteAs in Stella is Mavrodi's partner or what?
DeleteWhat do u want Fab...to say again? Money don go or u want her to start begging and give u a chance to insult her.
Stella would have to be absolutely crazy to do that. In fact I would lose all respect for her! Who invests in scheme that has nothing its selling, no product no service? If not silly & greedy people.
DeleteAnon 9:14,stop blabbing N go find ur sense of humour cos it's lost
DeleteOluVee betta pick up yo own.sense of humour from the rubbish can...na joke u dey joke before abi?'''yeye foul
DeleteU de craze! Na me cause ur mental disorder?
DeleteStella the truth is this.
ReplyDeletePonzi scheme is the new format yahoo boys use to make money now. This is the reason they are hundreds of them around at the moment.
They pay out to themselves and crash it when it is saturated.
people please give yourselves sense
Exactly
DeleteLol.. most people agreed to the terms . They can't arrest anyone concerning MMM.
ReplyDeleteOk,greed won't let people see or think clearly
ReplyDeletePls MMM is still on. It never left. People are being paid daily. They re only improving the site to be more efficient.dont be an empty vessel making the loudest noise. Be well informed so if u are an MMM participant, log into ur PO n PH any amount u can thhen follow up so u can GH ur money plus some of 2016 mavro.
ReplyDeleteYou are a fool. Which mmm is still on? It's only those hungry for 20k peanuts that are still hustling mmm. Keep deceiving yourself.
DeletePls MMM is still on. It never left. People are being paid daily. They re only improving the site to be more efficient.dont be an empty vessel making the loudest noise. Be well informed so if u are an MMM participant, log into ur PO n PH any amount u can thhen follow up so u can GH ur money plus some of 2016 mavro.
ReplyDeleteFor ur information,MMM is still on. So Stella n her ass lickers should talk based on the right information. People are getting paid daily. It never shut down for one day only being improved upon. So if u invested in it, log into ur PO, PH any amount u can n follow up to GH ur money with part of ur 2016 mavro. Empty vessels make the highest noise here.
ReplyDeleteBut MMM still pays now. Haba why are people not saying the truth.. they are just slow as expected and I bet they will still bounce back with the situation of things in Nigeria. I got paid last week and I'm expecting more... just pledge and give so you can get help, yes how else do you think it will bounce back. Is okay not to be part of it but do not condemn what you know nothing about.. Mavro isn't holding anyone's money we are holding OUR money. To think non participant cry more than the bereaved. SMH
ReplyDeleteBounce back to where? Keep deceiving urself dere. After three months they are still trying to bounce back? Dey dere dey talk rubbish
DeleteBounce back to where? Keep deceiving urself dere. After three months they are still trying to bounce back? Dey dere dey talk rubbish
DeleteI got paid too. Still got part of my 2016 mavros back. I'm Phing again. It still works.
DeleteI also got paid yesterday, mmm still pays, besides no one is forcing you to do mmm. We even want bad eggs out, the good ones will stay no matter what. And mmm will move forward d more.
DeleteTell them Mmm is supper alive stop saying wat u don't know. Mmm are leading.stop making false news bad belle people
DeleteTell them Mmm is supper alive stop saying wat u don't know. Mmm are leading.stop making false news bad belle people
DeleteMMM, givers forum and get help are the strongest and realest. If not that MMM took a wrong decision in December. For now am still enjoying gethelp with my spare money sha. Life is all about risk.
ReplyDeleteHmmmm na wa oo
ReplyDeleteWhere will they get the MMM people from. Do they have office in naija or they want to get to Russia to arrest Mavrodi .
ReplyDeleteMy friend that invested 250k in MMM has taken it in good faith. I was just laughting at her, because until it crashed she never told me she put money there and we talk every day.
Iv known about Ponzi schemes in US for long, it must always crash. There's this programme they do on CI channel about various Ponzi schemes that have crashed in US. Even 5k I can't put in Ponzi scheme.
If you want to invest. Do Fixed deposits, Commercial papers, Treasury bills in reputable financial institutions.
@ queen and boss i've invested in get help and its working very fine. very organised people. im doing my second round now. Its more organised than MMM was
ReplyDeleteMmm guiders forced people to invest more than there spare money. My friend decided to invest 20k, i don't have a smart phone then, i took her to one of the guiders house, the guider talked and talked , at last succeeded in making my friend invest 100k her children school inclusive, all because of guiders bonus. Honestly i don't know how those mmm guiders sleep at night with their two eyes closed. There is God ooo.
ReplyDeleteThey came to Uyo for a seminar. They claimed it's been registered by the cooperate commission. I pity Akwa Ibom people that got deceived. Oh mbom! Claiming that one can get 400k daily.
ReplyDeleteHmmmm some people no de hear word
ReplyDeleteThis what yahoo boys are doing now o. Some ponzi schemes crash within 72 hours sef.
ReplyDelete
ReplyDeletePls who has any news about Twinkas ?
Tiwinkas dey pay steady o.
DeleteHmm
ReplyDelete