Cooperative Society operator disappears with N27bn customers’ deposits in C-River

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A wonder bank, operating under the name, Micheno Multipurpose Cooperative Society, MMCS, has defrauded over 13,000 people to the tune of N27 billion in Cross River State.

The scheme owned and operated by one Michael Eke, had promised depositors of N100,000 and additional N50,000 at the end of 40 days, and those who deposit N150,000 would get N300,000 at the same period

A deposit of N1 million would earn a N500,000 profit at the end of the same period while deposits above N1 million would be calculated in N1 million units.

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The scheme berthed in Calabar in June 2018 and had been attracting patronage from residents of the city numbering about 13,000.

Some of the depositors parted with their life savings and others deposited their gratuities, which run into millions with the hope of reaping bountifully at the end of 40 days.

However, at the end of the 40 days, some depositors got paltry alerts of their money while over 13,000 others did not get anything and have since not heard from the operators of the bank in the past one month and their office in Calabar has remained shut.

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The scheme started as a Swiss marketing company on WhatsApp and in less than one month, the groups grew to about 36 all providing information on the benefits of joining the scheme and attracted a lot of people to deposit their monies with the scheme’s office in the city.

“I have N33 million stocks with the scheme. It may not be much compared to what others have but this has destabilised my life and turned me to mad woman with no bearing and I have lost interest in life and work,” a customer, Edna Nzegu, said.

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Some of the depositors accused a Calabar-based comedian, MC Mbakara, of conniving with Mr Eke to fleece them of their money by promoting the scheme on his WhatsApp thread and website, which persuaded them to believe that the scheme was genuine and he has since gone into hiding.

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8 COMMENTS

  1. Things are happening these days. We need to be careful on where we put our hard earned money to avoid regrates.

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