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Nigerian man arrested for defrauding Ugandans with MMM scheme - Hallo friendsBreaking News Today, In the article you read this time with the title Nigerian man arrested for defrauding Ugandans with MMM scheme, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article culture, Article News, Article politics, Article sports, We write this you can understand. Alright, good read.

Title : Nigerian man arrested for defrauding Ugandans with MMM scheme
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Nigerian man arrested for defrauding Ugandans with MMM scheme

A Nigerian has been arrested by Ugandan authorities for allegedly running a grand scam company, which bears the same similarities with the defunct MMM pyramid scheme.

The Director of Development Channel Company [DCC], 44-year-old Charles Nwabuikwu Lambert, has been arrested for his role in the fraud and money laundering scheme.

Lambert was arrested after angry workers of various transport companies tried to set ablaze one of the premises owned by DCC over unpaid arrears.

The workers had also allegedly tried to lynch Nwabuikwu.

One of the transporters told police that, DCC had since October hired a total of 63 Prado SUVs to ferry various dignitaries around different parts of Uganda, promising the owners daily income.

However, after accumulating profits, the company decided to channel the monies into other ventures, leading to an accumulation of 127 million Uganda shillings debt.

Upon being contacted in regards to their payments, the company director fed the angry creditors with a number of excuses, sparking off a scuffle and the consequent response by Kira Road Police to solve the concern.

According to the complainants, the company perpetrated a complex scheme under the guise of a poverty alleviation company aimed at empowering Africans with a lifetime payment in a ruse designed to defraud victims located throughout Uganda.

The company marketeers lure the unsuspecting victims into buying iPads known as “No Drop Out” to Ugandans at $278, after which the buyer fills a form and gets a profit-sharing certificate.

The victims are then falsely promised a guaranteed monthly payment of $100 for the rest of his life, six months after receiving their profit sharing certificate.

Upon arrest, Nwabuikwu admitted to having diverted the funds in a bid to expand the company and requested the complainants to be patient with him and agreed on period of time to pay back their money.

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