Nairametrics| Two persons in Katsina State, one Deborah Fojo and Musa Garba were arraigned at a Malumfashi Chief Magistrates’ Court in Katsina State for alleged breach of trust and cheating, Punch says. The accusations stemmed from their persuading other people to release funds in order to invest in the popular Ponzi-gone-sour, Mavrodi Mondial Money (MMM).
The accused persons are residents of Government Girls Secondary School Malumfashi Quarters and Unguwar Danyawa village in Kafur local government areas respectively and were said to have collected N229,000 from one Sani Salisu of Unguwar Sodangi in Malumfashi and N200,000 from one Adamu Aliyu of Gangarawa respectively to invest in the scheme, with the promise of 30% returns.
However, things turned sour when the scheme dissolved and none of the accused persons could produce the principal or the promised interest, which led to their arrest. They were charged with criminal breach of trust and cheating, offenses that contravene sections 312 and 322 of the penal code.
The popular scheme which eloped with millions of contributions has been the source of heartbreak to many who had put their life savings into it. However, not many will feel pity for investors as several warnings by authorities were aired against engaging in the scheme which had crashed in other African countries.