In November, the Economic and Financial Crimes Commission, EFCC, had announced that the Mavrodi Mondial Movement, MMM was under a close watch.

This was affirmed yesterday by the EFCC and the Securities and Exchange Commission, SEC, in a vow to clamp down on fraudulent operators in the Nigerian capital market.

Ibrahim Magu, Acting Chairman, EFCC, and his SEC counterpart, Mournir Gwarzo made the pledge while signing a Memorandum of Understanding, MoU, for cooperation at the EFCC head office, Abuja, Daily Post reported.

The collaboration will see the EFCC provide law enforcement muscle to give bite to SEC’s regulatory mandate in the capital market.

Speaking, Magu stressed the need for both agencies to “pool resources together” in dealing with the menace of Ponzi schemes, which many Nigerian were currently at their mercy.

Gwarzo, on his part declared that the signing of the MoU will send a strong warning to fraudsters added that, “any operator of the capital market that crosses the red line will certainly be dealt with”.

The development signals onslaught against promoters of ponzi schemes such as, MMM, Ultimate Cycler, Get Help Worldwide, among others.