September 28, 2016/IOL Thousands of investors are feared to have lost their money after a pyramid scheme run by a convicted Russian fraudster crashed, somewhat predictably, in Zimbabwe. MMM Global has swept across Africa, with branches promising returns on investment of 30 per cent a month in South Africa, Zimbabwe, […]
Frauds & Scandals
SEC Alerts on Ponzi Scheme of Converged Dynamic International Ltd
September 28, 2016/SEC The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (Converged Dynamic International Limited). The Company embarked on a product tagged “Resources Investment Account” which offers interest rates on a short and medium term period to lure […]
MTN denies illegal transfer of $14 billion from Nigeria
September 28, 2016/Reuters By Camillus Eboh South Africa’s MTN on Wednesday denied allegations it illegally repatriated $13.92 billion from Nigeria, the latest setback for the telecoms firm in its biggest but increasingly problematic market. The upper house of Nigeria’s parliament agreed on Tuesday to investigate whether Africa’s biggest telecoms company […]
