The quest for quick and easy money has landed a 24-year-old salesman in court for stealing and staking N3.5 million in Mavrodi Mondial Movement (MMM).
John Okonkwo, who allegedly stole from his employer and invested in the ponzi scheme, appeared before an Ojo Magistrates’ Court in Lagos on Thursday.
MMM is notorious for promising as much as 30 percent return on investment but left it customers in Nigeria and elsewhere disappointed and defrauded of their money.
Okonkwo pleaded not guilty to the charge of stealing.
The prosecutor, Inspector Uche Simon said that the accused committed the offence at Shop 26, Zone E, Block 2A Aspamda Market, Trade Fair Complex, Lagos, between the months March and October, this year.
He alleged that the accused put the N3.5 million sales proceeds belonging to his employer, Mrs Jane Ekweanua into the ponzi scheme.
“Okonkwo put sales proceeds into MMM without the consent of his employer.
“It was during auditing that it was discovered that N3.5 million was missing,” he said.
Simon said the offence contravened Section 287 of the Criminal Law of Lagos State, 2015.
The News Agency of Nigeria reports that that law prescribes three-year imprisonment for stealing.
Magistrate A. S. Okubule granted the accused N500,000 bail with two sureties in like sum.
She said that the sureties must reside within the court’s jurisdiction and must be gainfully employed.
Okubule adjourned the case until January 23, 2018.
Meanwhile, the ponzi scheme, which became well known in 2016, officially announced a restart last week following several attempts to stay afloat arising from its inability to pay those who staked their money. (NAN)