The Senate has threatened commercial banks used by operators of collapsed ponzi scheme popularly known as MMM (Mavrodi Mondial Movement), with sanction.
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The Vice Chairman, Senate Committee on ICT and Cybercrime, Foster Ogola, made the threat on Thursday at an interactive session with key players in the financial services industry.
Ogola said efforts were underway to expose those behind MMM fraud and their collaborators saying the Senate has engaged an international expert to unearth cyberspace and banking crimes in the country.
According to him, “We need to secure our cyberspace and financial sector against all forms of crimes or frauds as seen with the MMM operators who came in collaborations with insiders, expressly entered into the banking system, duped and bolted out.
“We have to stop anything meant to defraud us from getting or hacking into our digital system and the first step now is to expose all the banks involved in the MMM fraud.”
