Government Shuts Down Ponzi Scheme, Arrests Promoters

The Securities and Exchange Commission (SEC), has sealed up the premises of Yuan Dong (YDEC) Ponzi scheme over illegal investment operations in the country.

Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors.

“Investments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000. 

“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis. 

“The company promises a daily profit of N80 and N2,400 depending on the category of investment,” he said.

Abdussalam disclosed that the commission’s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.