Analysts in the e-crime space have impressed the Bank of Ghana (BoG) to strengthen its collaboration with security institutions such as Interpol to stop the operations of ponzi scheme, MMM.
They admit that the complex condition under which the company operates would require effective collaborations to be able to clamp down such operations.
According to the Principal Consultant at the e-Crime bureau, Albert Antwi Bosiako, partnerships between Ghanaian regulators and international agencies will facilitate the halt in MMM’s operations.
“In terms of going after them if they are not legally registered to operate as a business, Interpol system provides a good platform…there has been a bit of work and certain protocols that different countries could follow and bring the perpetrators to book,” Mr. Antwi Bosiako suggested.
The activities of the ponzi scheme has already commenced in Ghana.
This comes at a time that Nigerian authorities have been facing a tough time controlling the operations in that country.
Already, some 3 million Nigerians are reported to have lost 18 billion Naira to the scheme.
But a statement by the Bank of Ghana on Wednesday, warned the public not to conduct any business with MMM.
The central bank argued that the scheme’s operations flout provisions of the Banks and Specialized Deposit Taking Act.
Mr. Antwi Bosiako who is also however says the legality of the scheme in some jurisdictions will require that Ghana courts the assistance of such states to deal with the situation.
“Some of these operations are registered and legally they are active in some jurisdictions so you will also expect some kind of collaboration between the Bank of Ghana and that of other jurisdictions to monitor and eventually bring the activities of these organisations under some control,” he asserted.
The ponzi scheme which was founded some twenty-eight years ago in Russia, currently operates in one hundred and eighteen (118) countries including five African countries.
MMM entices people by promising them a 30 percent return after giving out an amount of money to support others.
This, the scheme says is to ‘destroy the world’s unjust financial system.’
By: Pius Amihere Eduku/citibusinessnews.com/Ghana