The Economic and Financial Crimes Commission (EFCC) have announced that it has opened an investigation into the Mavrodi Mondial Movement (MMM) investment scheme.

This comes after the House of Representatives issued an order for the EFCC to shut down the scheme and arrest its agents.

The Public Relations Officer of the EFCC, Wilson Uwujaren, speaking to journalists on Wednesday said, “We can only arrest people based on the evidence that we have. The House made a resolution but the resolution is a public announcement. We have always been advising people not to patronize wonder banks because experience over time has shown that their activities are not sustainable.”

“If you get involved in it, you will eventually get hurt. What we are currently doing is to sensitize people. We know people want to make quick money as a result of recession through this MMM. The unfortunate thing about this MMM is that it is not a Nigerian firm but we are looking at and we will still tell the media whatever we find out,” Uwujaren stated.

The Central Bank  of Nigeria has warned Nigerians to desist from investing in the scheme, branding it a Ponzi Scheme.